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WestBridge leads edtech portfolio co Sunstone's Rs.18-Cr ESOP buyback program

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Gurugram-based higher education player Sunstone Eduversity's ESOP (employee stock ownership) buyback, led by WestBridge Capital, witnessed a transaction of INR 18 crore. Twenty of Sunstone's current and former employees who have been with the company since its early days, benefitted from this buyback. About 57% of the vested shares held by the employees taking their exit were eligible for selling. Founded by Ashish Munjal and Piyush Nangru in 2019, Sunstone raised USD 28 million in Series B in October 2021. In August 2022, it raised USD 35 million in Series C funding led by WestBridge Capital. The company, with a presence across 35 cities in 40 institutions, plans to expand to 100 cities across India.