Improvement platform AlmaBetter has raised $2.7 million in a seed funding round led by venture capital firm Kalaari Capital.
Over 15 angel investors and tech founders including Vidit Aatrey (CEO, Meesho), Sanjeev Kumar (CTO, Meesho), Rajesh Yabaji (CEO, Blackbuck), Varun Alagh (CEO, MamaEarth) and Rahul Dalmia also participated. in the financing round.
The Bengaluru-based startup said it will use the new funding to expand its offering for students and strengthen its existing offerings for graduates and working professionals. It also plans to launch job-oriented courses in manufacturing engineering, UI/UX and other high-growth domains.
Founded by IIT Kharagpur and IIT Delhi graduates Shivam Dutta, Vikash Srivastava, Ravi Kumar Gupta, Arshyan Ahsan and Alok Anand in 2020, AlmaBetter offers courses that help students launch their careers in high-growth domains such as data science, software development and blockchain. The startup aims to upskill 60,000 students by March 2023. It claims to have enrolled more than 16,000 students to date.
Commenting on the development, Shivam Dutta, CEO and Co-Founder of AlmaBetter said,
Every year India produces 1.5 million engineers, but more than 80% of them are unemployed. The situation is far worse for STEM graduates with only a 5-7% placement rate. On the other hand, the industry is struggling to find tech talent as new age tech jobs continue to grow at a staggering CAGR of 25%. This clearly reflects the ineffectiveness of our current system in providing industry relevant education. We are laser-focused on solving this problem by providing an affordable yet results-oriented platform for technology upskilling for India’s youth.
AlmaBetter builds a platform to educate and prepare students for modern careers by combining the best aspects of MOOCs (massive open online courses), vocational schools, apprenticeships and boot camps. The training platform has partnered with more than 500 MNCs and fast-growing startups across the country as placement partners, helping students land jobs in the most in-demand domains in the tech space.
Kiran Vasireddy, Partner at Kalaari Capital said,
India is blessed with immense youth potential, but lack of industry-relevant education poses a serious threat to their employability. This requires innovative and affordable training platforms that deliver quality learning outcomes in large numbers. AlmaBetter is doing just that, and we’re excited to partner with them on their mission to solve this long-standing problem.
In April of this year, AlmaBetter partnered with Polygon, a leading Ethereum blockchain scaling company, to offer blockchain and Web3 development programs.