byteXL, one of the leading experiential learning platforms for IT career aspirants, has announced that it has raised a seed fund of US$200,000 in Angel round. The funding has been raised from Mr. Joseph Joy, President of Joy Family Investments from the USA along with others. The funding will help byteXL with an ambition to drive eLearning platform updates (Real-time Online IDE etc.), content enhancements, Sales team and Marketing, product portfolio as well as the geographical and segment reach.
byteXL is an upskilling ed-tech platform that helps learners attain new skills and upgrade the existing ones. The advanced eLearning platform with embedded IDE for Online coding practice has an impressive annual customer renewal rate at 78%. Over 42,000 students from over 55 colleges are very active on the platform with an engagement rate of more than 75%. The startup has already acquired partnerships with the likes of Fortinet NSE, Leading India AI, Skysthelimit.org, and GoDaddy Academy for curriculum vetting and certifications. With a career-ready program within 4 years of engineering, over 6,000 students have found placements in the IT-industry through byteXL training.
Describing the investment, Karun Tadepalli, CEO & Co-Founder, byteXL said, “We are elated with the investor belief in our vision to create an ecosystem which will help streamline the online education sector in India. In the next 10 years India is likely to employ 16 million engineers and currently about 93% of engineering graduates in India are not equipped enough to enter the IT industry. That’s the reason byteXL is aiming to increase the Employability Quotient of the country by enabling IT Career Readiness in students from day one of their graduation. Emerging technologies assistance from industry experts will help the graduates to enter their first job with adequate skills and training for the job will speed up their onboarding process.”
While sharing his vision on the investment, Mr. Joseph Joy, President, Joy Family Investments said, “Ed-Tech is an important aspect of an educational institution, and we are confident that the domain knowledge which the byteXL team has is worth appreciating. 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 and to become a strong market player in the space in the coming years.”
Mr. Sricharan Tadepalli, COO & Co-Founder, byteXL said, “The competition in the ed-tech platform only motivates us to build a better program for the future generation as the majority of the employees will require a significant amount of reskilling and upskilling to evolve in today’s job market. The current funding will assist to propel our growth to the newer geographies and segments.
By 2025, India’s IT industry is expected to be at USD300 billion. Upgrading/revamping of skills every 4-5 years is necessary to keep up with the ever-changing technologies. New wave technology requires Cloud/ DevOps, AI/ ML, Fullstack Development/Cyber-security but very limited number of the engineering graduates can code to the industry standard. Here’s where byteXL is helping to fill the gap. byteXL helps in the students keep up pace with the evolving technologies and thereby meet the demands of the IT labor market. Besides, byteXL is helping raise the employability index of the country.
