Springboard raises $31mn in funding led by Telstra Ventures

"The latest round of capital will enable Springboard to double down on student employability in response to the current job market in India and globally, by creating new hiring-focused products and strengthening employer partnerships to help graduates land their dream careers," the statement said.

Springboard, a mentor-guided online learning platform, on Wednesday said it has raised USD 31 million (about Rs 232 crore) in funding, led by new investor Telstra Ventures. The Series B round also saw participation from Vulcan Capital and SJF Ventures, and returning investors Costanoa Ventures, Pearson Ventures, Reach Capital, International Finance Corporation (IFC), 500 Startups, Blue Fog Capital, and Learn Capital, a statement said. This brings the total capital raised by the company to more than USD 50 million (about Rs 374 crore), it added.

Springboard had launched India as its first geography outside the US in 2019 and has placed its learners in Fortune 500 and world-renowned companies such as Samsung, Salesforce, Visa, LinkedIn, Cisco. "The latest round of capital will enable Springboard to double down on student employability in response to the current job market in India and globally, by creating new hiring-focused products and strengthening employer partnerships to help graduates land their dream careers," the statement said. The new capital infusion will help Springboard further support job-seeking graduates by building several innovative tools for India and global markets, it added. India is witnessing one of its toughest challenges owing to the recent job losses that have impacted a large section of the workforce and it is, therefore, imperative for displaced workers to make the difficult transition into new, in-demand careers, Springboard co-founder Parul Gupta said. "Our remote-first, mentor-guided model is uniquely positioned to serve not only these individuals but also universities and employers who need help navigating today's new economic reality. We're delighted to partner with a great group of investors, as we continue on our mission to transform over one million lives by 2030," Gupta added.

Started by co-founders Gautam Tambay and Parul Gupta in 2013, Springboard plans to grow its course offerings outside the high-tech industry to include additional skills gap disciplines in the coming months. The company will also look to deepen its partnerships with universities and employers, enabling them to adapt to evolving reskilling needs in a post-pandemic economy, the statement added..

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