Eruditus raised $150 Million in Series F

Eruditus, the edtech unicorn, has raised $150 million in Series F funding round which was led by TPG’s The Rise Fund. The funding round has seen participation from the existing investors of the firm including Leeds Illuminate, Accel, Softbank Vision Fund 2, CPP Investments and the Chan Zuckerburg Initiative.

The firm is based in Mumbai and has raised an equity round after a gap of more than three years. It previously has raised $350 million in debt back in 2022 March.

In the duration of $650 million round in August 2021, the company also entered the desired club of unicorns which made it a boost for the firm.

Where will Eruditus use this funding?

The raised funding in the F series, is said to be used to invest in AI technology, which will enhance the learner experience and expand the business.

As per the company, with expansion of its business, the firm is set to serve governments and enterprises and strengthen investments in India and APAC regions.

The firm also aims for future investments and acquisitions which have historically driven commendable topline growth and expansion into strategic markets.

Cities and partners of the company- Eruditus

Eruditus has partnered with more than 80 universities worldwide and runs offering a range of programs including professional certificates.

The firm claims to have enlightened more than a million individuals across over 80 countries and operational in key markets such as the US, Europe, and Asia.

The Eruditus Group has over 1750 employees globally and has offices in enormous cities round the globe, for instance- Dubai, Boston, London, New York, Mexico City, Palo Alto, Singapore, Mumbai, Shanghai and New Delhi.

 Statistics of the mega deal

The firm led by Ashwin Damera has not disclosed the latest financial numbers, its operational revenue has risen up 70.39% to Rs 3,343 crore in the financial year 2023. The company has also brought reduction in its losses by 66.1% to Rs 1,049 crore in the financial year 2023 from 3094 crore in financial year 2022.

This mega deal is the second largest in the edtech universe in 2024 after the $210 million raised by another business- Physics Wallah. This funding comes in between a time when there is a significant slowdown in investments in the edtech firms.

According to the provided data, the edtech startups have secured approximately $310 million across 30 deals in 2024 till now, compared to $456 million in 2023, $2.3 billion in 2022 and $5.8 billion in 2021.

As we look at the trend, there is a significant decline in investments done so far year-by-year basis, which is a result of rising traditional method teaching across the country.

Conclusion

Eruditus, the edtech unicorn, has raised $150 million in Series F funding round which was led by TPG’s The Rise Fund. The funding round has seen participation from the existing investors of the firm including Leeds Illuminate, Accel, Softbank Vision Fund 2, CPP Investments and the Chan Zuckerburg Initiative.

As per the company, with expansion of its business, the firm is set to serve governments and enterprises and strengthen investments in India and APAC regions.

The firm also aims for future investments and acquisitions which have historically driven commendable topline growth and expansion into strategic markets.

The firm claims to have enlightened more than a million individuals across over 80 countries and operational in key markets such as the US, Europe, and Asia.

This mega deal is the second largest in the edtech universe in 2024 after the $210 million raised by another business- Physics Wallah. This funding comes in between a time when there is a significant slowdown in investments in the edtech firms.

Read about this in detail here- Edtech major Physics Wallah raises $210 million to hire talent, companies – Times of India (indiatimes.com)

According to the provided data, the edtech startups have secured approximately $310 million across 30 deals in 2024 till now, compared to $456 million in 2023, $2.3 billion in 2022 and $5.8 billion in 2021.

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