Bangalore-headquartered reskilling startup InterviewBit has raised $45 million in a Series B funding round led by global private equity platform Lightrock.
Existing backers Sequoia Capital India, Tiger Global, Global Founders Capital and Rocket Internet also participated in the round, per a filing by InterviewBit’s Singapore-domiciled entity with the Accounting and Corporate Regulatory Authority (ACRA).
Lightrock invested $30.8 million in the Series B round, while Sequoia India contributed $9.1 million. Tiger Global put in $3.27 million, per the ACRA filing.
Providing online computer science courses for college graduates and young professional engineers, InterviewBit had raised a $20 million Series A round in January last year. The round was led by Sequoia India and Tiger Global, and joined by Global Founders Capital, Rocket Internet and other investors.
InterviewBit’s share price in the Series B round jumped over 200% to $2,201.88 from its Series A price of $691.99. The startup is valued at $393.6 million after the Series B round, per DealStreetAsia calculations.
InterviewBit had joined the first cohort of Sequoia Capital’s accelerator programme Surge announced in April 2019, receiving seed financing of $1.5 million.
The company’s Series B lead investor, Lightrock, is a new entity formed by global asset management firm LGT Group after it spun off its impact investing activities, along with LGT Private Banking and LGT Capital Partners, and integrated the units into one platform in February this year.
LGT Lightstone Aspada, which was established in September 2019 when LGT Group acquired Indian investment firm Aspada, was rebranded as Lightrock in India.
Lightrock manages $400 million in investments across 27 companies in India, including Vivriti, Pharmeasy, Porter, Dunzo, Waycool, Arya and Aknamed, among others. The firm seeks growth-stage impact investments ranging from $10 million to $50 million.
InterviewBit, which claims to serve over 1 million learners, had rebranded its online coding programme, InterviewBit Academy, as Scaler Academy.
In August 2021, Scaler Academy acquired New Delhi-based online learning platform Coding Elements in an all-cash deal worth roughly Rs80 million.
Scaler Academy has also set aside a corpus of Rs500 million to explore other avenues of inorganic growth through acquisitions.
In addition to InterviewBit, Adda247 is another VC-backed edtech platform in India to consolidate its market position recently, acquiring test-prep startup StudyIQ Education for $20 million.
Other PE and VC investments in the space in recent months include Teachmint’s $78 million Series B round, upGrad’s $120 million deal and Blackstone backing online higher education firm Simplilearn with $250 million, among others.
Edtech was the second most funded vertical in Q3 in India, at $1.9 billion, per DealStreetAsia’s DATA VANGTAGE. Eruditus became the fourth Indian edtech unicorn after raising $650 million in August while Vedantu was the fifth startup to bag the unicorn tag after a $100 million fundraising in September.