BENGALURU: Online upskilling platform, Springboard, has raised $31 million in a Series B funding round led by new investor Tesla ventures and others.
The cumulative capital now raised by the San-Francisco headquartered firm is more than $50 million, the company said in a statement.
Springboard had ventured in Indian markets in 2019 and is planning to double down on student employability in response to the current job market in India as well as creating new hiring based products to help learners land suitable jobs.
India is one of the major technology workforces hub globally. However, due to the COVID pandemic, Tier I and II IT firms have either stalled their lateral hirings or adopted reskilling practices for employees in response to the changed demand scenario.
"India is witnessing one of its toughest challenges owing to the recent job losses that have impacted a large section of the workforce. It is therefore imperative for displaced workers to make the difficult transition into new, in-demand careers," said Parul Gupta, Co-founder, Springboard.
"Our remote-first, mentor-guided model is uniquely positioned to serve not only these individuals, but also universities and employers who need help navigating today's new economic reality. We're delighted to partner with a great group of investors, as we continue on our mission to transform over one million lives by 2030," she added.
The digital transformation of enterprises globally triggered by the pandemic has also underscored the need to employ people with advanced tech skillsets.
Founded in 2013, Springboard seeks to fulfil demand in technology fields via its job-guaranteed programs that are taught entirely online. Unlike most online learning companies that stop at teaching technical skills, Springboard focuses on employability -- 94% of eligible graduates secure a job within a year, earning, according to the company, an average salary increase of $26,000. This approach has resulted in 330% student enrollment growth from June 2019 to June 2020, Springboard claimed.
Amidst COVID pandemic, India’s edtech startups including Byjus, Upgrad, Vedantu, Toppr have raised more than $1 billion from global and homegrown investors as well as hired thousands of employees as the user base on the platforms saw a huge upswing. However, in the age of internet boom, the outreach of edtech firms especially to the lower income groups of the country which still have no accessibility to smartphones remains a prime concern.