DEG invests in Indian online skilling platform

DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH has subscribed for shares in Indian online skilling platform NxtWave Disruptive Technologies Pvt. Ltd (NxtWave), providing the company with USD 8 million of equity capital, alongside an investment by DEG’s investee private equity fund Greater Pacific Capital II. The funds will be used for the development of platform technologies and content for e-learning courses as well as the expansion of NxtWave’s employer base and frontline staff.

Support for graduates looking for promising jobs in the Indian IT industry

NxtWave was founded by three first time entrepreneurs in India during the coronavirus pandemic in 2020. The company develops application-focussed software programmes aimed mainly at students and young graduates from small towns and rural areas, many of whom are unable to find employment after college because of their lack of practical coding skills. NxtWave offers programming courses and runs placement services helping the students to gain access to sustainable jobs in India’s future-oriented IT industry.

Practical coding courses in local languages

NxtWave has launched two online programmes in three local languages to train practical programming skills. Students from more than 3,000 colleges across India have enrolled in these skilling programmes by the end of March 2023. NxtWave is planning to introduce further courses in additional local languages and gradually extend its coverage to more regions in India.

So far NxtWave has helped several thousand of graduates find jobs in more than 1,300 companies across the IT sector and leading international tech firms. To enable it to facilitate the online lectures in new regions, NxtWave intends to recruit and train up to 800 new staff to its frontline teams, half of them women.

“In NxtWave we are investing in a reputed and fast-growing company whose affordable online courses make it easier for many people to access practical training and enter the IT industry. Our equity capital will enable the company to expand its business, while an action plan and Business Support Services will also strengthen its corporate governance,” says Monika Beck, member of DEG’s Management Board.

“We are thrilled to welcome DEG as our new partner on this incredible journey. DEG, with its strong philosophy of impact investment, is dedicated to fostering sustainable development and positive change in emerging markets. The foundation for transforming India into a technological powerhouse lies in upskilling our youth. Together, we aim to deliver high-quality, employability-focused education to India’s youth and equip them for the jobs of the future at scale. The Indian Government's National Education Policy 2020 has fostered a conducive atmosphere for skill-oriented learning. This decade belongs to India,” says Rahul Attuluri, co-founder & CEO of NxtWave.

As one of Europe’s largest development finance institutions, DEG fosters digitalisation and transformation in its partner countries and promotes tech-based business models, including “EdTech” firms like NxtWave. EdTechs offer online access to affordable training, such as tutoring and languages.