Scaler Academy, an edtech startup is likely to raise $70-$100 million in a new funding round with existing investors Tiger Global and Sequoia Capital.

Scaler has gained $21.5 million from investors like Tiger Global, Global Founders Capital, Sequoia India and Rocket Internet.

“Tiger Global is likely to top up with a $50 million cheque, with existing investors bringing in the rest,” said a person with direct knowledge of the development.

The company said that launched in April 2019, Scaler’s revenues have jumped 200 per cent over pre-Covid-19 levels and is operationally profitable. More than 7,500 people have joined Scaler’s educational programmes which has total 50 instructors.

The startup was founded by IIIT Hyderabad alums Anshuman Singh and Abhimanyu Saxena. Earlier Anshuman worked at Facebook and led the team to scale the Messenger feature. Abhimanyu led a team that designed NYC-based retail marketplace Fab.com’s front end. Scaler Academy is an online accelerator program that enhances the coding skills of software professionals.

The business model has gained attention due to the rising demand for tech talent in India amid a funding boom. Demand for talent is ever increasing with most tech-focused startups across various sectors growing and expanding. There is an unequalled rise in salary packages and drop-out rates in the tech industry.

The companies that are growing at a fast rate have raised larger rounds and are attracting better talent than their competitors. Scaler’s alumni work with Amazon, Google, Microsoft, Adobe, Flipkart, Mindtickle, Goldman Sachs, Walmart, Myntra, Ola and Paytm.

Last month, Scaler Academy said it had acquired online coding platform Coding Elements in an all-cash deal worth about $1 million. It has set $8 million aside this financial year for mergers and acquisitions. The company aims to grow its business through a subscription model.

The Indian edtech startups have raised $1.9 billion as on August 3 this year.