Edtech startup byteXL has raised $5.9 million (around INR 49 crore) in its Series A funding round, led by Kalaari Capital with participation from the Michael and Susan Dell Foundation. This Hyderabad-based B2B edtech startup, founded in 2019 by Karun Tadepalli and Charan Tadepalli, focuses on providing IT skills to students through partnerships with engineering colleges.
The newly acquired capital will be used to expand byteXL’s team, reach more colleges and universities across India, and develop new digital tools and technologies. The startup aims to bridge the gap between academia and industry by integrating curriculum, content, and practical learning. ByteXL’s program includes an IT skill-focused curriculum, the Nimbus software for coding, and mentors placed in colleges to assist students with their learning.
ByteXL claims to have over 120,000 active platform users, with more than 1,500 students placed in top product-based companies and over 40,000 students placed in major IT firms like Wipro, Infosys, and TCS. The founders emphasize that their mission is to shape the futures of students by equipping them with cutting-edge skills and technologies.
Despite the recent funding boost, byteXL faces stiff competition in the edtech sector from giants like BYJU’S, Unacademy, UpGrad, Seekho, and Practically Trilogy Education Services. The startup reported a net loss of INR 1 crore for the fiscal year ending March 2023, with an operating revenue of INR 15 crore, up from INR 5 crore in FY22.
The funding comes at a challenging time for the Indian edtech sector, which has seen a significant decline in investments since the post-pandemic reopening of schools and colleges. Issues such as heavy cash burn, mounting losses, and weak governance have plagued the industry, leading to layoffs and shutdowns. In 2023, Indian edtech startups raised $283 million, a sharp decline from $2.4 billion in 2022.