Edtech startup Elevate Education has raised ₹170 crore ($17.7 million) in a Series D funding round led by existing investor WestBridge Capital. The company will use the fresh capital to strengthen its AI and technology capabilities, expand its partner institution network, and invest in industry-focused academic programmes.
Elevate Education, formerly known as Sunstone, has secured ₹170 crore ($17.7 million) in a Series D funding round led by WestBridge Capital.
The Gurugram-based company said the funds will be used to strengthen its AI and technology platform, expand its network of partner institutions, and invest in academic courses and industry-linked programmes.
Founded in 2019 by Ashish Munjal, Piyush Nangru , and Ankur Jain, Elevate Education partners with colleges and universities to offer undergraduate and postgraduate programmes that combine classroom learning with practical training, placement support, and student success services. The company aims to make higher education more industry-relevant and improve career outcomes for students.
The platform currently supports more than 25,000 students through its growing network of partner campuses. Its partner institutions include MIT Pune, Manipal University, SIIB, and BITS Pilani.
Before this funding round, Elevate Education had raised nearly $70 million from investors, including Prime Venture Partners, Alteria Capital, and Saama Capital. The company last raised $35 million in debt from Alteria in 2022.
According to the company, the latest investment follows a period of strong growth, during which it expanded its student base, increased its partnerships with educational institutions, and grew its revenue. Elevate Education expects to generate ₹300 crore in revenue and achieve profitability in FY27.
Looking ahead, the company plans to double its revenue to ₹600 crore by FY29. It also aims to increase its student base to 60,000 and expand its network to 40 partner institutions.
The funding comes as India’s higher education sector continues to evolve, driven by the growing adoption of AI, changing employer expectations, and rising demand for outcome-focused learning. The Indian edtech market is projected to reach $29 billion by 2030, supported by increasing internet penetration, the National Education Policy, and the wider adoption of hybrid learning models.
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