Incanus Technologies Pvt. Ltd, which runs edtech startup Newton School, has raised Series B funding of $25 million (Rs 188.4 crore) led by Steadview Capital, with participation from existing investors Nexus Venture Partners and RTP Global.
The platform will use the fresh money to expand its brand building initiatives, team and technology, as well as boost growth.
“This fundraise will enable us to build a strong brand and leadership team while investing in innovative technologies like AI to transform education. In India, you have more than a million college graduates every year who fail to get relevant employment opportunities, and yet there are thousands of companies struggling to find talent. Newton School’s learning platform aims to bridge this gap,” Siddharth Maheshwari and Nishant Chandra, Newton School’s founders said in a joint statement.
Founded by Chandra and Maheshwari in 2019, Newton School has a unique fee model where students are required to pay zero fees upfront and only start paying once they get a job.
The platform claims that over 1,500 students have been hired by more than 600 companies ranging from top startups such as Razorpay, Zomato, Unacademy, Nykaa, Affle to large multinationals such as Google and Target, among others.
“In a country where graduates are left with single-digit employability rates despite spending significant amounts of money on education, Newton School’s unique model and platform will support the aspirations of millions of Indians by removing location barriers and lowering costs. We are confident Newton School’s growth potential,” said Puneet Kumar, Managing Director, Steadview Capital.
Bengaluru-based tech-focused investment bank IndigoEdge served as the exclusive transaction advisor to Newton School.
In September 2020, VCCircle reported that Incanus pivoted from video content platform Bolo to ed-tech business Newton School.
In February 2021, Newton School raised $5 million in a Series A funding round led by Russian venture capital firm RTP Global, also an investor in Indian startups such as Cred and Rebel Foods. Nexus Venture Partners and Prophetic Ventures were returning investors in the round.
