Eruditus raises new round of funding to boost its global growth and to strengthen its investment in AI technology
The edtech startup also plans to expand its rapidly growing business serving governments and enterprises and deepen its investments in the India and Asia-Pacific (APAC) regions
The company was last valued at $3.2 Bn in August 2021, on the back of its previous round of funding of $650 Mn from a clutch of investors, including Accel and SoftBank Vision Fund II
Edtech unicorn Eruditus
has raised $150 Mn (around INR 1,260 Cr) in a Series F funding round led by TPG’s global impact investing platform The Rise Fund.
The round also saw participation from existing investors, including Softbank Vision Fund II, Leeds Illuminate, Accel, CPP Investments and Chan Zuckerberg Initiative.
Eruditus plans to use the fresh capital to boost its global growth and to strengthen its investment in AI technology.
Additionally, the Mumbai-based startup is also planning to expand its rapidly growing business serving governments and enterprises and deepen its investments in the India and Asia-Pacific (APAC) regions.
Founded in 2010 by Chaitanya Kalipatnapu and Ashwin Damera, Eruditus is an education platform offering online courses from prestigious global business schools such as Columbia, MIT, London Business School, Harvard Business School in areas like artificial intelligence, data science and data coding.
In August, it was reported that the company was in talks to raise capital at a valuation of $2.3 Bn.
Inc42 has reached out to Eruditus to confirm the post-money valuation. The story will be updated based on the response.
The company was last valued at $3.2 Bn in August 2021, on the back of its previous round of funding of $650 Mn from a clutch of investors, including Accel and SoftBank Vision Fund II.
“With this investment, we’re excited to continue to grow and innovate to meet market demand,” Damera said.
“In a rapidly evolving business environment, we have reimagined education by bringing programs from the world’s leading universities to learners around the globe. Education is the key to transformation, for individuals, companies, and society and we’re appreciative of the support of our investors who enable us to accelerate our growth.”
This comes at a time when the SoftBank-backed startup revealed its plans to list itself on the India stock exchange BSE or NSE in the coming years and is planning to redomicile its headquarters ahead of a potential initial public offering (IPO).
Despite the uncertainty revolving in the edtech sector, the digital learning providers raised $224 Mn in the third quarter of 2024, up 357% from $49 Mn in Q3 2023, as per Inc42 data.
Of this, peer edtech unicorn Physics Wallah raised $210 Mn (about INR 1,756.7 Cr) in its Series B funding round, led by Hornbill Capital, at a post-money valuation of $2.8 Bn, a few weeks ago.
