InterviewBit has secured $20 million in a Series A funding round led by Sequoia Capital India and New York-based hedge fund Tiger Global along with Global Founders Capital also participated.
The Bengaluru-based company is planning to deploy the fresh capital to expand its operations in India and overseas markets, including Indonesia, the US, among others.
Aiming to scale up its enrollment and enhance the student-teacher experience on its platform, InterviewBit would also be investing the capital in its curriculum and live teaching products, said the company in a press statement.
The development validates the five-month-old report that InterviewBit would be raising $20 million round at a valuation of $100 million.
The startup, which is a part of Sequoia’s Surge accelerator program, has also rebranded its online coding program, formerly called InterviewBit Academy, to Scaler Academy.
Scalar Academy essentially provides a six months immersive program that helps students develop tech skills and get their dream job at no upfront cost.
The nine-month-old Scalar Academy’s first batch comprised 200 students and since then six more batches have been initiated. For the seventh batch, over 30,000 registrations have already been done.
InterviewBit, which was incepted in 2015 by Abhimanyu Saxena and Anshuman Singh, works on the income-sharing business model where students are provided with the option to pay much of the coaching fee after they have landed a job.
To date, it has built a community of about 10 lakh engineers along with more than 600 tech companies including Google, Amazon, Goldman Sachs, Myntra, Facebook, Microsoft, and Uber, among others.
The platform has appointed over 300 teaching staff, assistants, career coaches, and industry mentors from Directi, Google, Facebook, Netflix, and others. As per the company’s official website, the startup’s alumni salary ranges from Rs 18-35 lakh per annum with a 300% jump in their salaries.
Besides, IntervirewBit has more than a million registered software developers with over 300K monthly active users currently.