InterviewBit, a Bangalore-based startup that runs an advanced online computer science program for college graduates and young professional engineers, has raised $20 million in one of the largest Series A financing rounds in the education sector.
The nine-month-old startup’s Series A round was led by Sequoia India, Tiger Global and Global Founders Capital among others, it said. The startup said it is also rebranding its online coding program, earlier called InterviewBit Academy, to Scaler Academy.
InterviewBit operates on an income-sharing model, where students have the option to pay much of the coaching fee after they have landed a job. The concept, also known as human capital contract, has been around for decades but is beginning to see some traction now .
The startup said more than 2,000 students have enrolled in its six-month program to date. It had received over 200,000 applications. And “several hundred” of those who enrolled in the program have landed jobs at tech companies such Google, Amazon, and Microsoft.
Students enrolled in Scaler Academy are mentored and taught by tech leaders and subject matter experts working with organisations including Google, Facebook, Twitter, and Netflix.
The startup, which is part of Sequoia India’s Surge accelerator program , will use the new fund to scale up its enrollment and launch in new markets. It also plans to invest in its curriculum and in live teaching product.
Indian newspaper Times of India first reported about the financing round last year, and said the round would value InterviewBit at over $100 million.
“Within a short period of time, Scaler Academy has made a huge impact on the capabilities of our students, who spend, on average 4-5 hours/day on our online and live learning platform,” said Abhimanyu Saxena, co-founder of InterviewBit.
“We are very excited that our work results in a step function change in the careers of our students — and so we have rebranded it to Scaler Academy, a platform for pursuing excellence in software programming,” he added.
A recent National Employability Report Engineers 2019 report highlighted that the employability of Indian engineers continues to be as low as 20%. “With that in mind, Scaler Academy’s meticulously structured 6-month online program effectively enhances the coding skills of professionals by creating a modern curriculum with exposure to the latest technologies,” the startup said.