Sunstone Eduversity

Sunstone Eduversity Foundation Story

Sunstone Eduversity is an edtech startup that focuses on enhancing employability skills and providing career-oriented training. Founded in 2019, the company has quickly grown to become a significant player in India's higher education sector. Here is a look at its foundation story.

Vision and Early Days

Ashish Munjal and Piyush Nangru, the co-founders of Sunstone Eduversity, identified a significant gap in the education system in India's Tier II and Tier III cities. These cities lacked the same educational opportunities as those in Tier I cities, leading to a widening skill gap over the years. To address this issue, Ashish and Piyush founded Sunstone Eduversity with the vision of providing outcome-based education and bridging this gap[1][3].

The early days of Sunstone were marked by a strong commitment to partnering with academic institutes to upskill students. The founders realized that traditional higher education often failed to prepare students adequately for the job market. Therefore, Sunstone aimed to offer career-oriented training interventions that would make students more employable[1].

Sunstone's vision is to reimagine and reinvent the higher education landscape, especially for students in Tier II and Tier III cities. The company's approach involves working closely with leading colleges and private universities to offer hybrid model education across India[3].

Founding Team Background

Ashish Munjal, the CEO and Co-founder of Sunstone Eduversity, has a diverse background. He holds an MBA from IMT Ghaziabad and is a certified CFA. Before founding Sunstone, Ashish was the Co-founder at Crownit, where he headed Consumer and Business growth. He also worked with Bank of America, handling Sales and Operations at Knowlarity[2].

Piyush Nangru, the COO and Co-founder, is another key figure. Piyush joined Crownit as a founding member and headed the marketing and business development aspects. He is an engineer from NSIT and an MBA from IMT Ghaziabad. Piyush has a passion for startups and previously ventured into the Cultural Tourism space[2].

The founding team's experience and passion for education and startups have been instrumental in shaping Sunstone's mission and strategy.

Sunstone Eduversity Business Evolution

Sunstone Eduversity has undergone significant evolution since its inception. From its initial concept to its current state, the company has expanded its offerings, partnerships, and geographical presence. Here’s a detailed look at its business evolution.

From Initial Concept to Current State

Sunstone started by offering postgraduate programs in partnership with colleges and private universities. Over time, it ventured into undergraduate programs for the first time in 2022, marking a significant expansion of its educational offerings[1].

The company has grown rapidly, achieving a 10X growth in the past two years. This growth is a testament to its effective model of providing outcome-based education and its ability to adapt to the changing educational landscape[1].

Sunstone has also strengthened its partnerships with academic institutes and corporates. This collaboration has enabled the company to develop industry-ready programs that cater to both undergraduate and postgraduate students[5].

Key Growth Milestones

Sunstone has achieved several key milestones in its growth journey. Here are some notable ones:

• Raised $28 million in a Series B funding round led by WestBridge Capital in October 2021[5].
• Raised $35 million in a Series C funding round led by WestBridge Capital, with participation from Alteria Capital[1].
• Expanded its presence to over 35 cities and 40 institutes across India[1].
• Plans to expand to 100+ cities in the next two years[1].
• Partnered with Propelld and Credenc to offer 0% interest EMI education loans to students[1].

These milestones reflect Sunstone's commitment to growth and its vision of transforming the higher education sector in India.

Product Portfolio Expansion

Sunstone has continuously expanded its product portfolio to meet the evolving needs of students. Here are some key expansions:

• Introduced undergraduate programs in 2022, marking a new chapter in its educational offerings[1].
• Developed industry-ready programs in collaboration with corporates, focusing on both postgraduate and undergraduate students[5].
• Offered 100% scholarships to athletes who represented India in the Tokyo Paralympics 2020, demonstrating its commitment to supporting talented individuals[5].
• Partnered with various colleges and universities to offer hybrid model education, enhancing accessibility and quality[1].

This expansion has helped Sunstone cater to a broader audience and provide more comprehensive educational solutions.

Sunstone Eduversity Technology Infrastructure

Sunstone Eduversity has leveraged technology to enhance its educational offerings and improve student outcomes. Here’s an overview of its technology infrastructure.

Core Platform Architecture

Sunstone's core platform is designed to make learning outcomes visible in real-time. The company uses AI and machine learning to recommend the right learning modules and map them to career paths that match students' intrinsic talents. Here are some key components:

• AI-Powered Admissions: An AI-powered video interviewing platform to evaluate students at scale, eliminating manual bias and making the admission process more accessible[3].
• VR Driven Campus Tours: Immersive virtual campus tours using virtual and augmented reality to help students make informed choices about campuses[3].
• Sunstone Spaces: Tech-enabled classrooms with automated attendance using facial recognition, measuring classroom engagement and faculty performance[3].

This architecture ensures that every aspect of the student’s journey is tracked and optimized for better learning outcomes.

Security and Compliance Framework

While specific details on Sunstone's security and compliance framework are not extensively detailed, it is clear that the company places a high emphasis on data integrity and student privacy. Given its use of advanced technologies like AI, VR, and machine learning, Sunstone likely adheres to stringent security protocols to protect student data and ensure compliance with educational standards.

Innovation in its Industry

Sunstone Eduversity has been at the forefront of innovation in the education technology sector. Here are some of the key innovations:

• Automated Training and Skills Gap Identification: A fully remote campus training and placement office that connects students with the right opportunities by automatically assessing them against requirements and identifying skills gaps[3].
• Measuring Students' Journey Through Machine Learning: Collecting data on every aspect of the student’s journey to build an AI/ML Engine that recommends learning modules and career paths[3].
• Enabling Tech-led Learning: Sunstone Spaces feature automated attendance, classroom engagement measurement, and faculty performance tracking, enhancing the overall learning experience[3].

These innovations have helped Sunstone stand out in the edtech industry and provide a unique value proposition to its students.

Company Market Impact

Sunstone Eduversity has made a significant impact on India's higher education sector. Here’s how they are changing the game:

User Base Growth

Sunstone Eduversity has seen remarkable growth in its user base. Founded in 2019, the company has quickly expanded its reach. Today, it has over 10,000 students enrolled in its programs across 35+ leading higher education institutions in 15+ cities[10].

Sunstone's growth is driven by its unique educational model. The company focuses on skill development and industry-aligned curriculum, which attracts many students. Here are some key statistics:

• 10,000+ students enrolled in Sunstone School of Management and Sunstone School of Technology[10].
• 5,000+ students have found their dream jobs through Sunstone's placement efforts[10].
• The company has partnered with over 1,200 recruiters to ensure job placements for its students[10].

Market Share Expansion

Sunstone Eduversity is expanding its market share by venturing into new programs and geographies. In 2022, the company for the first time introduced undergraduate programs, marking a significant expansion of its offerings[8].

Sunstone's expansion strategy includes focusing on emerging towns and cities where there is a lot of untapped potential. Here are some key points:

• Expansion into undergraduate tech programs to cater to a broader student base[8].
• Plans to expand to over 100 cities in the next two years[8].
• Partnerships with leading colleges and private universities to offer hybrid model education across India[8].

Financial Inclusion Initiatives

Sunstone Eduversity has introduced several financial inclusion initiatives to make education more accessible. One of its key initiatives is the "Pay after Placement" model.

The "Pay after Placement" model is a game-changer. Here’s how it works:

• Students pay a nominal registration fee at the time of admission and no fee thereafter until they get placed in a well-paying job[7].
• Sunstone takes the course fee from the students only after placing them in a job, ensuring that students do not bear the financial burden upfront[7].
• Partnerships with Propelld and Credenc to offer 0% interest EMI education loans to students[8].

Company Financial Journey

Sunstone Eduversity's financial journey is marked by rapid growth and significant investment rounds.

Revenue Growth Story

Sunstone Eduversity has seen impressive revenue growth since its inception. Here are some highlights:

The company's revenue growth is a testament to its successful business model. Here are some key figures:

• Sunstone Eduversity's estimated annual revenue is currently $123.4 million per year[7].
• The company has registered a 10X growth in the past two years, indicating a strong upward trajectory[8].
• The revenue per employee is estimated at $126,000, reflecting high productivity and efficiency[7].

Path to Profitability

While specific profitability figures are not publicly disclosed, Sunstone Eduversity's focus on employability and job placements suggests a sustainable path to profitability.

Sunstone's model ensures that students are job-ready, which in turn contributes to the company's financial health. Here are some points to consider:

• A 100% placement record to date, which is a strong indicator of the company's ability to generate revenue through its placement model[7].
• Partnerships with over 1,200 recruiters, ensuring a steady stream of job opportunities for students and thereby revenue for the company[10].
• The company's focus on industry-aligned education helps in reducing the risk of default on payments, as students are more likely to secure well-paying jobs[10].

Investment Rounds and Valuations

Sunstone Eduversity has secured significant investments to fuel its growth.

The company has attracted substantial investment, reflecting investor confidence in its model. Here are the details:

• Sunstone Eduversity closed its Series C round of $35 million led by WestBridge Capital and with participation from Alteria Capital[8].
• The company's estimated enterprise valuation ranges between $140 million to $210 million as of August 2022[6].
• The fresh capital will be used to expand into new programs and new geographies, with a focus on undergraduate tech programs[8].

Company Strategic Partnerships

Sunstone Eduversity has formed several strategic partnerships to enhance its offerings and reach.

Banking Collaborations

Sunstone Eduversity has partnered with financial institutions to offer student loans.

These partnerships make education more accessible to students. Here are some details:

• Partnership with Propelld and Credenc to offer 0% interest EMI education loans to students[8].
• This initiative helps students who might not have the financial means to pay for education upfront, ensuring they can still access quality education[8].

Merchant Partnerships

Sunstone Eduversity works closely with leading recruiters and companies to ensure job placements for its students.

These partnerships are crucial for Sunstone's placement model. Here are some points:

• Over 1,200 recruiters are part of Sunstone's placement panel, ensuring a wide range of job opportunities for students[10].
• More than 200 companies visit Sunstone's campuses every year to hire fresh talent, reflecting the trust these companies have in Sunstone's education model[7].

Technology Alliances

Sunstone Eduversity leverages technology to enhance its educational offerings.

Technology plays a vital role in Sunstone's education model. Here are some key aspects:

• The company uses modern technology to deliver industry-integrated education, ensuring students are job-ready[7].
• Sunstone tracks every aspect of a student’s journey using data and technology to drive better outcomes[10].
• The use of technology helps in maintaining an asset-light model, which is cost-effective and efficient[7].