Edtech startup Masai School has raised $5 million (around Rs 36 crore) in a Series A funding exercise led by Omidyar Network India joined by existing investors Unitus Ventures, India Quotient and AngelList India. The latest funding comes nearly eight months after the Bengaluru-based startup raised $2.5 million (Rs 18.6 crore) in its pre-Series A round led by Unitus Ventures.
Operated by Nolan Edutech Pvt Ltd, Masai School was launched in 2019 by Prateek Shukla, Yogesh Bhat, and Nrupul Dev. The firm leverages an income-sharing agreement to provide courses for students. This allows students to ‘Study Now and Pay Later’. Till date, Masai School has graduated 200-plus students across eight batches, with a placement rate of 91 percent at an average CTC of Rs 6.75 LPA, the company said.
It offers courses on full-stack web and Android development. The proceeds will be used to build curriculum and courses on disciplines such as user interface and user experience, product management, and data analytics. The startup will also use the capital it has raised to strengthen offerings by hiring more faculty members, among other things.
Masai School’s hiring partners include Samsung, Sharechat, Urban Company, Instamojo, Airmeet, GlobalLogic, Lendingkart, MPL, Nobroker and Paytm. Speaking on the announcement, Prateek Shukla, CEO and co-founder of Masai School, said, “We are building Masai with a clear focus – enable the youth to launch careers in a field of their choice. Why should they go to a college or university that puts them in debt; only to follow that up with finishing schools or expensive certifications – as a supplement, in the hopes of finding a job?”
Underlining the need to create skilled graduates, Mr Shukla said, “Year after year, India produces lakhs of graduates but a very small percentage is employable. On the other hand, the burgeoning industry struggles to find relevant entry-level talent, which implies that the root of the problem lies in the education system.” Startups such as Newton School and Pesto.Tech also follow the income-share agreement model.