InterviewBit, a Bangalore-based startup has raised $20 million for its Series-A funding from various investors and planned to expand its operations in live teaching products with this fund. Indian newspaper Times of India first reported about the startup’s fundraising in 2019 and estimated that the e-learning service startup would be valued around $100 million after the fundraising round.
InterviewBit’s Programs and Placement
The five-year-old startup offers an online advanced computer science program for college graduates and young professional engineers. The startup is also an online platform for interview preparation of software engineers and many students around the globe have joined the platform. The e-learning platform was founded by ex-Facebook and Fab.com executives Anshuman Singh and Abhimanyu Saxena in 2015.
The startup had rebranded its online coding program which was formerly known as InterviewBit Academy to Scaler Academy. After launching the new academy in April 2019, the startup had received over 200,000 applications and more than 2,000 students have enlisted for the six-month program for the current season.
As per TechCrunch, as many as “seven hundred” of them who have recently enrolled for the program got jobs at top tech companies such as Google, Amazon, Microsoft, and Samsung. Till now, the platform has introduced seven batches in which one batch was conducted in the US.
According to a report by TechCrunch, students who are enrolled in Scaler Academy will receive an online lesson from the global tech experts and leaders with whom the startup has associated with. The startup officials reported the platform has linked with more than 600 companies including Google, Facebook, Twitter, and Netflix.
One of the key factors for the attraction of such large enrollment is that the startup started its operation based on the ‘income-sharing’ model nine months ago. Under the model, the students would be offered an option to pay their coaching fees after they get their jobs
Series A Funding to Open Up New Markets
According to TechCrunch, the Series-A fundraising of the e-learning service provider was led by Sequoia India, Tiger Global, and Global Founders Capital among others. TechCrunch further reported the startup plans to use the new fund to expand its enrollment operations and launching the platform in a new market which is part of Sequoia India’s Surge accelerator program. Moreover, the startup is also planning to invest in its study curriculum and improve its live teaching product and equipment.
The co-founder of InterviewBit, Abhimanyu Saxena declared, “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,” The co-founder further added, “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.”
As per a recent National Employability Report Engineers 2019 report, the employability of Indian engineers remained as low as 20%. The startup officials pointed out referring to the existing data, “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.”
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