Key Points
- byteXL raises $9 million led by Elevar Equity with Kalaari Capital and Dell Foundation
- Company plans to expand from 40 to 120 engineering colleges across 15 states
- 7,600 byteXL graduates placed in IT and engineering roles last year
Mumbai-based edtech startup byteXL has raised $9 million in its latest funding round led by Elevar Equity, with participation from existing investors Kalaari Capital and The Michael and Susan Dell Foundation, as the company seeks to expand its technology and artificial intelligence skilling programmes across engineering colleges in Tier-2 and Tier-3 cities.
The investment follows a $5.9 million Series A round in July 2024, also led by Kalaari Capital with participation from the Dell Foundation. The company said it will use the new capital to grow its institutional footprint from 40 engineering colleges to 120 institutions over the next two years, while expanding its student reach from 2 lakh to 5 lakh across 15 states.
Founded by brothers Karun and Sricharan Tadepalli, byteXL operates a business-to-business model that works directly with engineering colleges rather than individual students. The company embeds industry-aligned curriculum, hands-on learning modules and trained educators into the existing academic structure, allowing students to build practical skills alongside their regular degree programmes.
The approach differs from consumer-facing edtech platforms that offer supplementary courses. By integrating directly into college systems, byteXL can reach students who may not independently seek out additional skilling programmes but who need industry-relevant training to secure employment after graduation.
Skilling and placements
The company said 7,600 of its graduates were placed in IT and engineering roles last year. This placement-linked model, where skilling programmes are tied to employment outcomes, has attracted investor interest at a time when overall funding for edtech ventures has declined sharply from the peaks of 2021 and 2022.
Sandeep Farias, founder and managing partner, Elevar Equity, said the firm backs scalable models that accelerate economic mobility for what it terms entrepreneurial households. He noted that quality education and employability are high-priority investments for families in Tier-2 and Tier-3 communities.
“What stands out to us is byteXL’s institutional integration and clear potential to build a highly scalable, differentiated platform that empowers the next generation of tech talent across non-metro India,” Farias said.
Gaurav Jain, head of university success for India, The Michael and Susan Dell Foundation, said an engineering degree represents more than a qualification for young people from underserved communities. The foundation’s continued investment aims to help students turn their education into employment and career progression.
“byteXL complements that by bringing industry-aligned, hands-on technology and AI learning directly into the college experience, helping students get hired and keep moving forward in their careers,” Jain said.
byteXL expansion strategy
A significant portion of the investment will go towards product and technology development, including AI-enabled learning and assessment tools, student analytics and personalised learning capabilities. The company also plans to expand its academic and institutional partnership teams to work with a larger network of colleges while maintaining implementation quality.
Sampath P, partner, Kalaari Capital, said the firm’s second investment in byteXL reflects confidence in both the founding team and the market opportunity. He noted that byteXL’s model works within the existing college system rather than requiring students to invest additional time and money outside their regular education.
“byteXL is able to address a large and underserved requirement by working within the existing engineering education ecosystem and not re-invent the wheel,” Sampath said. “Our confidence in byteXL also comes from rapid growth in business over the last few years and its ability to achieve profitability.”
Karun Tadepalli, co-founder and CEO, byteXL, described the fundraise as validation of the company’s growth trajectory. He said the company has moved from establishing its model with engineering institutions to building a scalable business in the skilling space.
“As we enter our next phase of growth, our focus will be on expanding our institutional footprint, deepening our technology and AI capabilities, and building byteXL into a larger and more impactful player in India’s technology education ecosystem,” Tadepalli said.
By the numbers
Key figures from this story- $9 million
- Funding raised in latest round
- 5 lakh
- Target student reach in two years
- 7,600
- Graduates placed in jobs last year
India produces approximately 15 lakh engineering graduates annually, but industry surveys consistently show that a significant proportion lack the practical skills employers require. This gap is particularly acute in colleges outside the major metropolitan areas, where students often have limited exposure to current industry practices and technologies.
The byteXL model attempts to address this by embedding skilling within the four-year engineering curriculum rather than offering it as a separate add-on after graduation. This approach reduces the additional financial burden on students and families while creating a structured pathway from education to employment.
LoEstro Advisors acted as financial advisors for the transaction.
Your Questions, Answered
How much funding has byteXL raised in its latest round?
byteXL has raised $9 million in its latest funding round led by Elevar Equity, with participation from existing investors Kalaari Capital and The Michael and Susan Dell Foundation.
What is byteXL's business model?
byteXL operates a B2B model that works directly with engineering colleges to embed industry-aligned curriculum, hands-on learning and trained educators into existing academic structures, rather than selling courses to individual students.
How many students does byteXL plan to reach?
byteXL plans to expand its reach from 2 lakh students to 5 lakh students across 15 states over the next two years, while growing from 40 to 120 engineering institutions.
How many byteXL graduates were placed in jobs last year?
The company reported that 7,600 byteXL graduates were placed in IT and engineering roles last year.
