Ashish Munjal and Piyush Nangru Revolutionizing Higher Education with ‘Pay after Placement’

The pursuit of higher education is often viewed as a risky investment, particularly when it comes to postgraduate studies like MBA or PGDM programs. While many business schools emphasize campus placements, few can guarantee that every student will secure their dream job after investing substantial time, effort, and money in their education. Addressing this common concern of MBA and PGDM aspirants, Gurugram-based Sunstone Eduversity has introduced a unique proposition – ‘Pay after Placement.’

Founded in 2011 by Ashish Munjal and Piyush Nangru, Sunstone Eduversity is an edtech start-up that aims to alleviate the fears associated with higher education. Ashish Munjal, a Chartered Financial Analyst from the US, had a background in investment banking before co-founding marketing platform Crownit. Piyush Nangru, who joined Crownit as a founding member, brought expertise in marketing and operations. Ashish’s interest in the education sector led him to start Sunstone Eduversity.

The Employability Challenge:

Ashish and Piyush, both alumni of the Institute of Management Technology (IMT) Ghaziabad, recognized a significant gap in the Indian education system. They observed that mainstream education often failed to address the employability problem. To tackle this issue, they believed that offering industry-oriented, quality education with a focus on employability could bring about a paradigm shift. Sunstone’s approach involves aggregating business schools with underutilized infrastructure but not enough students to fill available seats. The start-up collaborates with these colleges, offering an All India Council for Technical Education (AICTE) approved Post-Graduate Diploma Programme (PGDM) across partner campuses.

The Operational Model:

Once Sunstone partners with a college, it takes over responsibilities for admissions, academics (programme design, curriculum, and pedagogy), and placements. The college partner retains responsibility for infrastructure and accreditation. Currently, Sunstone has partnered with four colleges, including institutions in NCR, Bengaluru, and Indore. Sunstone’s hybrid classroom model combines teaching from industry experts, referred to as ‘star faculty,’ who deliver remote sessions to multiple classes through live streaming, and classroom faculty, responsible for clearing concepts and resolving doubts. The start-up charges an initial registration fee of Rs 65,000 and operates on a ‘Pay after Placement’ model. Students are not charged during the two-year course. Instead, once they secure a job, they are required to pay Sunstone ten times the value of their monthly salary as tuition fees.

Impacting Lives:

Sunstone Eduversity’s innovative approach to higher education is transforming students’ lives. Their graduates have secured positions at leading companies such as Google, Accenture, Amazon, Axis Bank, HDFC Bank, Shopclues, and IBM. Alumni from Sunstone’s early batches have seen their salaries increase significantly, with many earning monthly salaries ranging from Rs 50,000 to Rs 80,000. Sunstone’s focus on employability and its unique payment model have enabled them to place 240 students with a 100-percent placement track record. The ‘Pay after Placement’ structure has provided students with an opportunity to fund their education while pursuing their career goals.

In 2018, Sunstone had a batch size of 60 students and projected revenue of Rs 1.5 crore. However, the startup has ambitious plans for growth. They target revenue of up to Rs 50 crore for the 2020 batch and are actively working to expand their presence. By partnering with more colleges and entering new cities, Sunstone aims to reach 100 colleges across 40 cities by 2023, with a revenue booking of Rs 700 crore.

Sunstone Eduversity’s success story underscores the immense potential within India’s edtech market. As the demand for quality higher education continues to rise, innovative start-ups like Sunstone are reshaping the landscape. With their unique payment model and commitment to employability, they are paving the way for a brighter future for aspiring students across the country.