Indian higher education platform Elevate Education has raised Rs 170 crore ($17.8 million) in a Series D funding round led by WestBridge Capital, the company said, as it looks to deepen its artificial intelligence capabilities and expand its campus network.
The Gurugram-based company, formerly known as Sunstone, partners with colleges and universities to deliver industry-linked undergraduate and postgraduate programs. It combines curriculum design, technology, placement support, and student success interventions, and works with more than 25,000 active students across 22 partner campuses in 15 cities.
The latest funding round extends a long-standing relationship with WestBridge Capital, which has led or participated in every institutional funding round the company has raised since 2021. Total disclosed equity funding now stands at roughly $88 million (Rs 840 crore).
Founded in 2015 by Ashish Munjal, Piyush Nangru, and Ankur Jain, Elevate Education raised an early angel round of about Rs 2 crore ahead of its formal incorporation. It followed this with a $1.6 million seed round in November 2019 led by Prime Venture Partners, and a $3.26 million Series A round in September 2020 backed by Saama Capital, Prime Venture Partners, and other investors.
WestBridge Capital first invested in October 2021, leading a $28 million Series B round alongside Saama Capital, Alteria Capital, and Work10M. Less than a year later, in August 2022, the company raised a $35 million Series C round led by WestBridge, with participation from Alteria Capital, even as global edtech funding cooled sharply from its pandemic-era peak.
The company said it expects revenue to grow to Rs 300 crore in FY27 from Rs 58.7 crore in FY24, while targeting profitability in the same year. By FY29, it aims to scale to 60,000 students across 40 partner institutions, with revenue reaching Rs 600 crore.
"India's higher education sector is at an inflection point, with learner outcomes increasingly determining an institution's relevance rather than its degree-granting authority," Ashish Munjal, co-founder and chief executive of Elevate Education, said in a statement. He added that the investment would help the company scale responsibly and deepen its use of AI across the student lifecycle.
Sandeep Singhal, co-founder and managing partner at WestBridge Capital, said Elevate Education is addressing a significant opportunity in India's education sector by improving learning quality and relevance at scale, citing the founding team's experience and capital-efficient execution.
WestBridge Capital manages more than $7.5 billion in assets and has offices in Bengaluru, Silicon Valley, and Mauritius. Its other investments in India include Rapido, Meesho, PhysicsWallah, Star Health, and IndiGo Airlines.
