Tech upskilling startup Scaler (by Interviewbit) has scooped up $55 million in its Series B round led by new investor Lightrock India along with two existing investors, Sequoia Capital India and Tiger Global at a valuation of $710 million.
With this fresh round of funding, the total capital raised by Scaler Academy stands at $76.5 million. The Bengaluru-based startup’s Series A round was led by Sequoia India and Tiger Global in January 2020.
The fresh proceeds will be deployed towards international expansion plans, the launch of new products, services, strategic acquisitions and growing its customer base in India and globally, said the company in a press release.
Launched in 2019, Scaler focuses on upskilling college students and tech professionals. The company offers an intensive six-month computer science course through live classes delivered by tech leaders and subject matter experts.
Students enrolled in Scaler are mentored and taught by experts working with Google, Facebook, Intuit, Microsoft, Amazon, Hotstar, Snapdeal among others. In August, the company had acquired coding platform Coding Element for $1 million.
According to Scaler, the learners on the platform see a 4.5X RoI (return on investment) from the courses. The company further added that it has over 380 alumni in just these 9 companies including Microsoft, Google, Uber, Amazon, Paypal, Adobe, VMWare, Intuit, Mcafee and the cumulative annual salary of Scaler graduates is more than Rs 600 crore as of today.
Currently, Scaler consists of over 800 employees and there are over 1,000 technology professionals who work part-time as career coaches, teaching assistants, and mentors with the company.
InterviewBit has also become one of the most valuable startups from Sequoia Capital India’s accelerator program Surge. The company was a part of the first batch of Surge which also included Bulbul, DoubtNut, Flynote, Hippo Video, Azani Sports, Khatabook and Skillmatics. Bookkeeping app Khatabook was valued at $600 million following its $100 million Series C round in August last year. The list of most valuable Indian startups from Surge includes Classpluss [$200 million], Kutumb [$170 million], Bijak [$165 million], Trell [$120 million], Doubtnut [$120 million], Pagarbook [$100 million] and Plum [$87 million].