Bengaluru-based iSTAR Skill Development has raised an undisclosed Series A funding from Unitus Seed Fund. This is the second investment for the former from Unitus Seed Fund. The first was in April 2013 when iSTAR had raised their seed funding from the venture seed fund.
iSTAR is a skills training company that provides undergraduate students with training to make them readily employable. The company was founded by IIM, Ahmedabad graduates Surga Thilakan and Sreeraman Vaidyanathan in 2010 and has grown to 150 colleges across three states and 17 districts with more than 150 trainers for about 17,000 students over a period of five years.
The funds will be utilised for expansion of operations across the country and for building a technology back-end to manage the learning process, said Surga Thilakan, Co-Founder & CEO, of iSTAR.
The company works with private colleges and universities to provide skill programs to students. They also work with skill missions of various state governments to train students and provide placements.
“We are excited at the growth prospects, particularly, with a very conducive regulatory environment and policy push around skilling.” said Sreeram an Vaidyanathan, co-founder of iSTAR.
“With nearly 20 million undergraduate students in arts and science, iSTAR’s training program has the potential to train a student in a remote location and provide opportunity that she otherwise could not reach.” said Will Poole, managing partner at Unitus Seed Fund.
With about 12 million persons joining the workforce every year in the country, the talent pool faces the task of to be adequately skilled.
The formulation of the National Skills Development Policy, delivery of Modular Employable Schemes, upgradation of existing institutions through World Bank and central government funding as well as improving of training institutes have been undertaken to organise the segment in the country.