Elevate Education, formerly known as Sunstone, has raised ₹170 crore ($17.7 million) in a Series D funding round led by existing investor WestBridge Capital, as the edtech startup looks to deepen its AI capabilities and expand its higher education network.
The fresh capital will be used to strengthen the company’s AI-driven learning platform, onboard more partner institutions and invest in curriculum development and industry-linked academic programmes.
Founded in 2019 by Ashish Munjal and Piyush Nangru, Elevate Education partners with colleges and universities to deliver undergraduate and postgraduate programmes designed to improve student employability through practical learning, placement support and career-focused interventions.
The company currently works with more than 25,000 students across a growing network of partner institutions, including MIT Pune, Manipal University, SIIB and BITS Pilani.
Doubling Down on AI in Higher Education
The funding comes as higher education providers increasingly adopt AI to personalise learning, improve student engagement and align academic programmes with evolving industry requirements.
Rather than operating as a standalone online learning platform, Elevate Education works alongside universities to modernise course delivery and strengthen employment outcomes, reflecting a broader shift toward outcome-based education models.
The company said part of the new investment will support technology development, including AI-enabled learning capabilities, while also expanding partnerships with educational institutions across the country.
Growth Plans After Fresh Capital
Prior to this round, the startup had raised nearly $70 million from investors, including Prime Venture Partners, Alteria Capital and Saama Capital. In 2022, it also secured $35 million in debt financing from Alteria Capital.
Elevate Education expects to generate ₹300 crore in revenue and achieve profitability in FY27. Over the longer term, the company aims to double its revenue to ₹600 crore by FY29, expand its learner base to 60,000 students, and increase its network to 40 partner institutions.
The funding reflects renewed investor interest in education startups that demonstrate clear business models and sustainable growth, following a period when the sector shifted its focus from rapid expansion to profitability.
As artificial intelligence reshapes learning experiences and employers increasingly seek job-ready graduates, edtech companies are investing in technology that bridges the gap between classroom education and workplace skills. For Elevate Education, the latest funding provides additional capital to strengthen its AI-led platform while expanding partnerships with institutions seeking to make higher education more industry-aligned.
