Higher Education Career Institute Masai School Raises INR 38.62 Cr in Pre-Series B Round

Masai School, a Bengaluru-based education platform, recently raised INR 38.62 million ($4.77 million) in its pre-Series B funding round led by India Quotient and On Mauritius.

According to the company’s regulatory filing with the Registrar of Companies (RoC), India Quotient and On Mauritius jointly led the funding round by investing 15.81 crore rupees ($1.95 million) each. Existing investor Unitus Ventures also joined the round with Rs 7 crore.

The board at Masai School has passed a special resolution to issue 2,403 pre-B2 Compulsory Convertible Preference Shares (CCPS) at an issue price of INR 1,60,707 per share to raise Rs 38.62 Cr or $4.77 million, according to a regulatory filing submission.

Launched in 2019 by Prateek Shukla, Nrupul Dev and Yogesh Bhat, Masai School is a higher education career institution that trains young talent for some of the most in-demand jobs. The platform offers complete web development, backend development and data analytics to make students job-ready. The company has a ‘Study now and pay later’ business model. It starts charging students for the course only after receiving their first salary of 5 Lakh INR per annum or more.

In addition, Masai Schools also offers seven-month courses in the said technology major and once candidates pass their courses, it helps them get a job through its recruitment network. Its mission is to help young Indians find lucrative job opportunities in the IT sector by honing their technology skills and connecting them with legacy tech companies and startups.

The company works on an Income Share Agreement (ISA) model to create a results-oriented approach to learning. Several startups and unicorns like ShareChat, Swiggy, Ola, Meesho, CoinSwitch Kuber, Cleartrip, NoBroker and Paytm are hiring from the Masai platform. To date, he has connected with more than 2,000 companies to help them find industry-ready technology talent.

The Masai School is one of several players in India inspired by the American Lambda School. Newton School and Scaler by InterviewBit also operate in the same space. In February, Tiger Global-backed Scaler raised $55 million in its Series B at a $710 million valuation. Soon after, Newton School also raised $25 million in Series B funding.

The company recently claimed to have witnessed a tenfold increase in the number of B2B recruitment partners in the last 12 months. According to the company, it is now targeting Rs 120 crore in revenue in FY23 from Rs 19 crore in FY22.

Last year in October, Masai School raised an undisclosed amount of funding from 21 angel investors from the Indian startup ecosystem, including CRED founder Kunal Shah, Paytm founder Vijay Shekhar Sharma, among others. Before that, it raised $2.5 million in its pre-Series A funding round in 2020. The startup’s latest investment brings the total raised to $12.5 million.

about the author

Author: Shalini Pathak

Shalini PathakShalini Pathak is a writer at EdTechReview (ETR) – India’s leading edtech media and community. He has over four years of experience in the media, covering different beats. Like all writers, she is first and foremost an avid reader with a passion for creating out-of-the-box content and the ability to write about any topic. As part of the ETR team, he will cover the latest news in the edtech industry with a focus on stories about edtech startup companies and their funding.

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