Scalar has so far raised $21.5 million (approximately Rs 156 crore) from leading investors such as Sequoia India, Tiger Global, Global Founders Capital and Rocket Internet.
“Tiger Global is likely to top with a check of $50 million, while existing investors will bring in the balance,” said a person with direct knowledge of the development aid.
Launched in April 2019, Scalar’s revenue has jumped 200% over pre-Covid-19 levels and is operationally profitable, the company said.
scalar helps working professionals Upgrade your skills and advance in your respective career.
So far, more than 7,500 people have attended Sklar’s educational programs. It has 50 trainers.
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Scalar cofounder Abhimanyu Saxena did not respond to ET’s emails. Spokespersons for Sequoia Capital and Tiger Global did not respond to questions.
This business model has gained importance in the backdrop of increasing demand for tech talent in India amid the funding boom.
As the areas in which most tech-focused startups grow and expand, the demand for talent continues to grow. ET had earlier reported that the lack of good hands has led to an unprecedented rise in salary packages and drop-out rates in the tech industry.
Companies that are growing rapidly are able to raise big rounds and attract better talent than others.
Scalar alumni work with companies such as Google, Amazon, Microsoft, Adobe, Mindticle, Flipkart, Goldman Sachs, Walmart, Myntra, Ola and Paytm, according to their website.
Founded by Anshuman Singh and Abhimanyu Saxena, alumni of IIIT-Hyderabad, the company started as an income sharing agreement startup, where a person takes a course for free but pays only after getting a job.
However, it quickly moved to a prepaid model and is now focusing on growing its business through the subscription model.
Other startups such as Pesto, Ateneu, Photon Academy and Masai School have also built their businesses around the upskilling and placement model. According to reports, US-based Lambda School was also looking to enter the Indian market, but its plan did not materialise.
last month,
Scalar Academy says it has acquired online coding platform Coding Elements In an all-cash deal worth about $1 million. It has earmarked $8 million (about Rs 50 crore) for mergers and acquisitions in this financial year.
The ed-tech sector has been one of the biggest beneficiaries of the liquidity rush in the Indian market. As of August 3 this year, Indian edtech startups have raised $1.9 billion. In 2020, about $2.2 billion was invested in deals in the sector.