Michael & Susan Dell Foundation and impact investor Ankur Capital have invested Rs 8 crore in Chennai-based startup SkillVeri.
"This investment will enable Skillveri to expand its presence into new geographies as well as foray into multiple new skill domains, such as painting, paramedical procedures, jewelry making, where manual dexterity is highly valued," Skillveri founder and CEO Sabarinath Nair said.
SkillVeri would leverage this investment to enable training of 5,00,000 youth for well-paying aspirational manufacturing jobs over the next five years, a company release said.
It also expects to expand from its current manufacturing focus to four new industries and six geographies in the future, it added.
"Skillveri simulators provide access to high quality training, giving youth a head start to well-paying jobs and meaningful careers," Rahil Rangwala, Director, Family Economic Stability at Michael & Susan Dell Foundation, said.
Ankur Capital had made a seed investment in Skillveri in 2015.
"Our participation in follow-on funding along with Michael & Susan Dell Foundation in their Series A fund raise is a reflection of our confidence in Skillveri's global potential," Rema Subramanian, Partner, Ankur Capital, said.
SkillVeri has the most widely installed simulator in the welding domain that trains low-income youth with high-quality manufacturing skills. This is the only indigenous simulator and stands out as the most affordable product in the market.
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