Engineering-focused edtech startup Skill-Lync has raised $17.5 million in Series A funding round led by venture growth investor Iron Pillar.
Existing investors Y Combinator and Better Capital also participated with Binny Bansal (Flipkart co-founder), Sai Krishnamurthy (ex-Flipkart, co-founder of Xto10X) and Rashmi Kwatra (Founder of Sixteenth Street Capital) joining as new investors in this round.
Skill Lync has raised a total of $20 million in Seed and Series A funding. The fresh capital raised will be used to increase the number of courses offered, build the management team and expand the business to international markets, the company said in a statement.
The fundraise comes at a time when Indian edtech startups are catching the eye of global investors after China barred its e-learning firms from going public, raising foreign capital, and raking in profits. That comes in addition to the leg-up provided by the pandemic-led global shift to online study programs.
Last year, over $2 billion worth of investment made its way to Indian edtech startups, according to Venture Intelligence. In 2021, the number is sure to be much higher with nearly $2 billion already raised year-to-date.
Founded by Suryanarayanan P and Sarangarajan V in 2018, Skill-Lync offers app-based learning courses to engineering students in India and abroad. By offering interdisciplinary courses in subjects ranging from electric vehicle design to Data analytics, the platform aims to make engineering graduates job-ready.
“The rapid adoption of new technologies by industries has also created a need for constant upskilling of engineering professionals. Hence, the need of the hour is to have engineers who have knowledge of both engineering fundamentals and how they can be applied to solve real-world engineering problems through engineering design and simulation tools,” said Suryanarayanan P, Co-Founder & CEO, Skill-Lync.
So far, the edtech startup has collaborated with over 800 industry experts to create course content while several former employees from Bosch, Cummins, ABB, Samsung and Accenture are on roll full-time, it said in a statement.
“Engineering education and upskilling outside of Computer Science has seen very little digital disruption over the last two decades,” said Anand Prasanna, Managing Partner, Iron Pillar, a venture growth fund that invests in mid-stage technology companies built in India.
He added that the ever-expanding need for real-world interdisciplinary applications of engineering in today’s world creates a unique opportunity to establish a multi-billion-dollar global company with deep moats in this space. “This is also a strong beachhead for expansion into multiple adjacent areas,” he said.
Currently, Skill-Lync provides half-yearly and yearly engineering courses in both online and offline study modes.