Scholiverse Educare Pvt. Ltd, which operates the career tech platform Internshala, on Wednesday said it has raised an undisclosed amount as part of its series A funding round from LC Nueva Investment Partners that raised the investment through their venture capital fund – LC Nueva Alternative Investment Fund (AIF).
The startup plans to deploy the fresh capital to enhance existing products and launch new services for the skilling and placement of budding professionals.
Other investors who took part in this funding round include high net worth individuals and Vijay Datt, founder, promoter, and CEO of Citadel Management Consulting.
“We have an aim to become a career super app for college students. Internshala's internship and training platforms serve the unaddressed market of 45 million college students. The massive gap in the demand and supply of high-quality young talent is a problem that large companies and booming startups experience alike. We aim to bridge this gap and become a trusted partner that enables companies to build their dream teams. The latest investment will enable us to achieve the same at a much faster pace," said Sarvesh Agrawal, Founder & CEO of Internshala.
Founded in 2011, Internshala is an internship and training platform helping college students to skill themselves. The platform provides students with access to online training and their first real-world experience through internships and fresher jobs.
“Internshala has built trust among the massive network of college students and companies. It has emerged as the most credible brand in the college students’ space. On the one hand, it empowers millions of college students to explore different career options, learn new skills, and connect with the best opportunities. On the other hand, it helps startups build their first teams, and companies hire the best college talent. We are excited to partner with Internshala in its journey,” said Sohil Chand, Founding Partner and Chief Investment Officer for LC Nueva AIF.
The upskilling space has been in the news of late with multiple deals happening in career-development as well as higher education verticals of new age companies. In March, artificial intelligence-based career development platform, Seekho.ai raised $3 million from Sequoia’s Surge and venture capitalist LetsVenture.
In the higher education space, earlier this month, Byju’s-owned Great Learning acquired Northwest Executive in a sub-$100 million cash and equity deal.