Employee training and skilling: The employee skilling and training platform Disprz on Monday announced raising $30 million in Series C funding led by New York-based investor Lumos Capital Group and 360 ONE Asset (previously IIFL). The funding round also saw participation from other investors like Kae Capital, KOIS, and Dallas Venture Capital. Lumos Capital Group invests in startups and companies working in human capital development.
The company said it plans to expand its presence in emerging markets where it already operates such as India, The Middle East and Southeast Asia. Moreover, it also plans to deepen into the US market other than investing in innovation on the back of “Generative AI and cognitive sciences, enabling personalized content creation, content discovery, and skills intelligence and helping organizations make the shift to skill-based talent management.”
In addition, Disprz said it will deploy the capital towards growing its global team and onboarding data scientists, skill scientists, and software engineers. The company also plans to accelerate its growth in the markets it operates in through bigger and localized go-to-market teams and building brand awareness.
Subbu Viswanathan, Co-founder & CEO of Disprz said, “Disprz is at the forefront of innovation in the learning and skilling space. With the world ready to be disrupted by generative AI and with organizations increasingly realizing that upskilling and reskilling are not the mandate of just HR but every function, we are ready to steer towards becoming India’s first centaur (profitable $100 million company) in our platform category in the next 4-5 years.”
Launched in 2015, the company allows businesses to achieve tangible business outcomes through skill-based talent management for knowledge workers and learning-driven performance improvement for frontline workers. It serves close to 350 firms including 2.8 million users. Its customer portfolio includes ICICI Bank, Amazon, Indian Oil, HDFC Life, Starbucks, Sharaf DG, Rivoli, Kotak Life Insurance, etc.
Rohan Wadhwa, Managing Director of Lumos Capital Group said, “Disprz provides the rare combination of breadth in product with their Learning Management System, Learning Experience Platform, and Frontline Enablement offerings, to meet a spectrum of customer needs and also a depth of product quality to ensure it’s serving customers with the highest level of product innovation.”
Also read: 8 ways blockchain technology can revolutionize small businesses
Capacity building and professional development of employees has gained more prominence over the years to ensure they have the right skills to carry out their jobs effectively while staying aligned with latest industry trends. According to a KEN Research, the Indian corporate training market is likely to cross Rs 6,000 crore by FY25.