Startup that Pioneered India’s First Welding Simulator Receives INR 8 Crores investment from Michael & Susan Dell Foundation and Ankur Capital
NEW DELHI – January 11th , 2017 – Skillveri has raised an investment of INR 8 crores from the Michael & Susan Dell Foundation, together with Ankur Capital. Pioneers behind the first welding simulator made in India, Skillveri will leverage this investment to enable training of 500,000 youth for well-paying aspirational manufacturing jobs over the next five years. It also expects to expand from its current manufacturing focus to four new industries and six geographies in the future.
Founded by Sabarinath Nair and L. Kannan in 2012 to address India’s skills gap, Skillveri was incubated at the Rural Technology Business Incubator (RTBI) in IIT Madras. Apart from the founders, Mr C Sivakumar and Ms Rema Subramanian are Directors of the company. Today, it has the most widely installed simulator in the welding domain that trains low-income youth with high-quality manufacturing skills. This is the only indigenous simulator and stands out as the most effective product in the market.
With the government’s “Make in India” program expected to create 90 million new manufacturing jobs in 10 years, a well-trained workforce is crucial for its success. Skillveri addresses this by using cutting-edge technology to meet the challenges of quality and scale. The company’s training solutions reduce the need for expensive equipment and raw-material needed to train aspirants in hands-on skills, while providing learners with industry-ready curriculum and inbuilt testing tools.
Sabarinath Nair, Founder & CEO, Skillveri said, “This investment will enable Skillveri to expand its presence into new geographies as well as foray into multiple new skill domains, such as painting, paramedical procedures, jewelry making, where manual dexterity is highly valued. Our unique ‘psycho-physics’ driven approach enables us to develop targeted products across domains through digital dexterity mapping.”
Rahil Rangwala, Director, Family Economic Stability at Michael & Susan Dell Foundation, said, “Manufacturing contributes 25% (and growing) to India’s GDP. For the skilled youth of today, jobs in manufacturing also represent higher earning potential than retail or service sector jobs. Skillveri simulators provide access to high quality training, giving youth a head start to well-paying jobs and meaningful careers. The shared values and mission is what attracted us to Skillveri and we are excited to join them on their journey of transforming manufacturing skill training in the country.”
Rema Subramanian, Partner, Ankur Capital, said, “Skill shortage is a global challenge and we strongly believe in the potential of Skillveri’s technology to address the same. With our seed investment in 2015, Skillveri has not only launched a range of cutting-edge simulators, but also received validation from various customer segments, across both industry and academia. Our participation in follow-on funding along with Michael & Susan Dell Foundation in their Series A fund raise is a reflection of our confidence in Skillveri’s global potential.”
About Skillveri Training Solutions Pvt Ltd
Skillveri enables better quality delivery of practical vocational skill training at significantly lesser costs through its innovative, scalable platform of multi-skill simulators. After establishing market leadership with a range of welding-training products, a slew of new offerings is in the pipeline—spray painting, gold-jewelry soldering, medical skills, etc. The company recently graduated from IIT Madras’ Rural Technology and Business Incubator (RTBI), and has won NSDC’s Innovation Award. For more information, please visit www.skillveri.com or watch a video here, or follow us on twitter at @SkillVeri
About the Michael & Susan Dell Foundation
Founded in 1999, the central mission of the US-based Michael & Susan Dell Foundation is transforming the lives of children living in urban poverty through better education, family economic stability and health. Since 2006, the Michael & Susan Dell Foundation has invested more than INR 983 crores in non-profits and social enterprises in India. For more information visit www.msdf.org. Follow us on Twitter @msdf_india
Ankur Capital is a SEBI registered early stage venture capital fund and supports companies that are solving important problems for India, supporting the growth and development of the country and improving the quality of lives across income segments. Ankur Capital has invested in 7 companies across education, agriculture, and healthcare, at the intersection of technology and business model innovation.
For further information, please contact:
Sabarinath Nair, Founder & CEO Kannan Lakshminarayan, Founder Director