India is one of the many countries where the graduates are not deemed to be employable. Higher education institutes like universities or colleges are never held accountable for this. However, a Gurugram based startup, Sunstone Eduversity plans to work closely with the students and the universities with their unique pay-after-placement model.
Sunstone Eduversity recently received a funding of ₹11.3 crores ($1.56 million) from VCs like LetsVenture, PS1 Ventures, and Rajul Garg. The company is a brainchild of Rajul Garg who founded it in 2015. However, it was taken over by Ashish Munjal and Piyush Nangru at the beginning of this year.
Sunstone Eduversity with a unique model
Initially, students are to pay a nominal fee that gets them enrolled in a full-time business management program for two years. The full fee is fully charged only when students get their jobs and the fee is usually ten times what their monthly salary is.
According to the co-founder Ashish Munjal,
Sunstone Eduversity is making higher education accountable.
It is quite a worrying stat that only 36% of the MBA graduates are considered employable in 2019, according to a survey conducted by the All India Council for Technical Education (AICTE). Three years ago, this number was more than 44%. Working closely with corporates has given Sunstone the idea of their demands.
The main idea is to present and develop industry and job-ready graduates that can be an asset to the company instead of being a liability. The leading corporates associated with Sunstone are Swiggy, Paytm and Flipkart. Till now, students have received an average remuneration of ₹4 lakhs (more than $5500) yearly.
The target universities are the ones where placement ratios are not up to the mark. Sunstone uses the latest technology to bring the world leaders to interact with the students. The courses taught at Sunstone mainly involves business communication and basic skills like MS Excel and others, which are neccessary today to work at any corporate.
The new funding would be used to expand the college network even further and invest in newer and better technology. By the end of 2020, the company plans to add 2000 students more to its program in 9 different cities.
Featured image from Pixabay.