Bengaluru, September 16
City-based ed-tech startup Newton School said it has raised $6,50,000 in a seed round of funding led by early-stage venture capital firm Nexus Venture Partners.
Newton School will use the raised capital to strengthen its product and expand its team.
The funding round also saw the participation of Unacademy founders Gaurav Munjal, Roman Saini and Hemesh Singh, US-based startup platform AngelList, Srinivas Anumolu founder of Upwork, veteran educationists Ajay Gupta and Sahil Aggarwal and K Ganesh founder of GrowthStory, it said.
It has a 6 months long online training programme with a unique pay after placement model under which the students are charged zero fees until they are placed with a minimum package of 6 LPA, it said.
"While software engineering is one of the highest paying and fastest growing career paths, access to quality software development training remains limited to students of few top colleges. With our unique pay after placement online platform we are democratising software development training and allowing people to cross financial and location barriers to achieve their dream of becoming a great software developer," Newton School Co-founder Siddharth Maheshwari said.
Newton School was founded in 2019 by serial entrepreneurs and college friends Nishant Chandra and Siddharth Maheshwari.
With a highly capital efficient business model, Newton School is close to breakeven just after a few months of operations and is on the path to become profitable in the next couple of months.
"We already have 500 students studying on the platform in parallel and we plan to scale it to 10,000 within next year thus having larger intake than all IITs combined," claimed Nishant.
The coming months will see Newton School deploy this funding round to further evolve its platform and increase its user capacity to handle thousands of simultaneous learners, the company said. It will also prioritise the development of products utilising Artificial Intelligence (AI) to streamline and personalise the learning journey of each student. PTI
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