Two Years In: Reflections from Building Emversity

The earliest design choices shaped what Emversity would do, and what it would refuse to become.

We chose to work with existing institutional infrastructure rather than replicate it. Universities already carry academic depth, faculty, and physical capacity; we focused on where the gap was clearest - applied skills, work integration, and employer alignment - and layered technology, simulation, and on-the-job learning onto existing academic foundations.

We decided to monetize candidates and institutions (supply), not the employers (demand). Monetizing employers for the thin slice of their L&D and recruitment budget has structural issues. Case in point - The largest recruitment & staffing company in India generates over $1 Billion in annual revenue but trades at a market cap of only $250 Million - roughly 0.22x revenue. On the other hand, higher education institutions earn $70 Billion annually on the promise of employability, which we help them fulfil.

We worked backward from demand. Employers were engaged to get inputs on their skill needs; curricula and training modules were co-created, co-branded, and co-delivered with those who would ultimately hire..

And we focused on skilled roles. Neither blue, nor white, but grey. Blue-collar segment roles offer scale but have low margins and minimal training intervention. White-collar segment is crowded, with weaker moats. Grey-collar - skilled technical work requiring formal training and credentialing - gave us three advantages: training leverage, sustainable economics, advantage of institutional partnership for credentialing

I have been asked - Why build Emversity, and not something faster, with more obvious investor momentum?

The honest answer: I didn't just choose the idea. I also chose the kind of system I was willing to build.

I have led teams at consumer internet companies that reward speed and disruption, constant maneuvers and aggressive customer acquisition through rapid capital deployment. The feedback loop is short, and iteration is rapid. That is a great way to build many successful companies.

Emversity is different.

This is a business embedded within an ecosystem of institutions - employers, universities, regulators, government agencies. Feedback cycles are longer. Trust and outcomes compound over years, not quarters. The work is less about disruption, and more about alignment, governance, and execution across multiple stakeholders. Progress comes from repeatable processes, institutional trust.

This is not the fastest company I have been part of. But it best matches how I operate and the kind of institution I am prepared to build.

Two years in, the platform now operates across 40+ campuses, supports 4,500 learners, and works with over 200 employers including Fortis, Apollo, KIMS, Taj Hotels, and Lemon Tree. The category - higher-education embedded skilling, is now visible.

We can clearly see the flywheel turning. Better employers attract stronger candidates. Stronger candidate outcomes attract more universities. More universities expand our employer footprint. Compounding loops, not linear growth.

Harsha from Lightspeed and Rajat from Z47 invested in Emversity in 2023, when it was little more than an idea shared over messages.

I met Harsha at an upscale café in Koramangala. She ordered a matcha latte and avocado toast on sourdough - too soft for a fork, and using a spoon felt wrong. I clearly lacked her dexterity with the cutlery. After some hesitation, I gave up and used my hands. It was messy.

We spoke for ninety minutes. She had already spent time studying the space, had a clear thesis, and asked pointed questions shaped by opportunities she had previously passed on. Less than forty-eight hours later, I had a term sheet.

I met Rajat the same week at Amuktamalyada in Yemalur - a no-frills South Indian QSR. We ordered masala dosa, idli-vada, and filter coffee. The bill came to ₹240 for both of us. We spoke about broken promises in higher education, and what it would take to build a genuinely job-ready workforce. By the time the bill arrived, we had aligned on the deal construct.

Two very different settings. One common thread: conviction.

Two days after signing the term sheet, a regulatory note surfaced seeking clarifications from universities and Emversity about our business model. We took a voluntary decision to halt new program enrollment till the regulator heard us out and accepted our representation. The enquiry was concluded professionally within 2 weeks, and the notice was withdrawn. However, the 2-week break in sales momentum during peak season meant that we would miss the revenue projections by ~12% that the new investor had underwritten.

I emailed the new investor with full transparency. They expanded the scope of diligence around the regulatory framework - as a growth/late-stage fund should, but ran a tight and disciplined process and stuck to timelines. They stayed steady and didn't play theatre - that mattered more than valuation optics.

Three investors. One response: conviction.

Two years in, still a long way ahead.

My six-year-old daughter, Vaidehi, recently made me watch K-Pop Demon Hunters, performers who carry unseen responsibilities alongside their public role. Discipline, coordination, and choices whose consequences unfold in ways the audience never sees.

Building institutions is similar.

We now have positive unit economics, a resilient team, and partners with deep conviction. And we've raised $30M from Premji Invest. Kaveesh Chawla led the round.

Onward.