byteXL, the experiential learning platform for IT career aspirants, has raised a seed fund of US$2,00,000 in an angel round. Joseph Joy, president, Joy Family Investments, from the US, has raised the capital along with others. This infusion of capital will help byteXL update its eLearning platform with real-time online IDE, enhanced content, better product portfolio. It will also expand its sales and marketing teams and increase the geographical and segment reach.
The upskilling ed-tech platform helps learners master new skills and upgrade their existing ones. The advanced e-learning platform, with embedded IDE for online coding practice, has an annual customer renewal rate at 78 per cent.
In the next five years, India’s IT industry is expected to be valued at US$300 billion. IT will become necessary to upgrade or revamp skills every four to five years in order to keep up with the ever-changing technologies. While new wave technology requires Cloud/ DevOps, AI/ ML, Fullstack Development/Cyber-security, no many engineering graduates can code to the industry standard. byteXL will help fill the gap by updating students with the evolving technologies and thereby meeting the demands of the IT labour market.
Over 42,000 students from over 55 colleges are active on the platform with an engagement rate of over 75 per cent. The startup has already partnered with Fortinet NSE, Leading India AI, Skysthelimit.org, and GoDaddy Academy for its curricula and certifications. Over 6,000 students have already been successfully placed in the IT sector through byteXL training.
Karun Tadepalli, CEO & co-Founder, byteXL says that the Company aims to “create an ecosystem which will help streamline the online education sector in India.”
Given that a majority of engineering graduates (93 per cent) are not really employable or future ready, and the fact that about 16 million engineers will be required in India in the next one decade, this investment could not have been better timed.
The platform aims “to increase the employability quotient of the country by enabling IT career readiness in students from day one of their graduation,” adds Tadepalli.
With assistance and guidance from industry experts graduates will be able to join their first job equipped with relevant skills and training, which will also accelerate their onboarding process.
Joseph Joy, president, Joy Family Investments, is confident that “the technical ability and contribution by byteXL will help the platform bridge the gaps in the current ed-tech ecosystem with its inventive approach to make e-learning possible.”
Sricharan Tadepalli, COO & co-Founder, byteXL reiterates that, considering that “the majority of the employees will require a significant amount of reskilling and upskilling to evolve in today’s job market, this current funding will assist to propel our growth to the newer geographies and segments.”
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Source: https://www.hrkatha.com/news/edu-tech-startup-bytexl-gets-funding-of-200000/
