SUMMARY
- Eruditus has secured $150 million in its Series F funding round led by The Rise Fund.
- The round included existing investors such as Softbank Vision Fund II among others.
- With this infusion of funds, Eruditus aims to enhance its international expansion.
Mumbai-based edtech Eruditus has secured $150 million or Rs 1,260 crore in its Series F funding round led by TPG’s global impact investing platform, The Rise Fund.
The round included existing investors such as Softbank Vision Fund II, Leeds Illuminate, Accel, CPP Investments, and the Chan Zuckerberg Initiative.
With this infusion of funds, Eruditus aims to enhance its international expansion and further invest in artificial intelligence technology.
Moreover, the edtech is set to grow its successful venture catering to governments and businesses, while also deepening its investments in India and the Asia-Pacific (APAC) region.
Established in 2010 by Chaitanya Kalipatnapu and Ashwin Damera, Eruditus is a platform that offers online courses from renowned global business schools, including Columbia, MIT, London Business School, and Harvard Business School, focusing on artificial intelligence, data science, and data coding.
Damera stated, “With this investment, we’re excited to continue to grow and innovate to meet market demand.”
“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,” he added.
In August, it was announced that the company was in discussions to secure funding at a valuation of $2.3 billion.
The company’s latest valuation, in August 2021, was $3.2 billion, following its funding round of $650 million from a group of investors, including Accel and SoftBank Vision Fund II.
The company has disclosed its intentions to list on the India stock exchanges BSE or NSE in the near future and is in the process of relocating its headquarters in preparation for a potential initial public offering (IPO).
