Edtech unicorn Eruditus has closed a Series F funding round, securing $150 million in investments. TPG’s The Rise Fund is leading the investment drive. Existing investors Softbank Vision Fund 2, Leeds Illuminate, Accel, CPP Investments, and Chan Zuckerberg Initiative took part in this round too, showing faith in the growth narrative of Eruditus.
PC: The Economic Times
Eruditus, based in Mumbai, touched a key milestone in its equity round after more than three years of that massive debt raise worth $350 million in March 2022. Its entrance into the unicorn club of companies during the $650 million equity round in August 2021 would further place it at the top of the edtech landscape.
According to the latest press release, infusion of funds would be used to advance AI technology, enhance the learner experience, broaden business offerings to governments and enterprises, and harden investments in India and the APAC regions. The company also aims to execute strategic acquisitions and investments in order to drive top-line growth and expand its footprint in the key markets.
Over 80 universities compose this massive international partners of Eruditus, which reflects the emphasis on the diversity of the programs offered- short courses, degree-based programs, and professional certificates. With an ability to touch over a million learners in 80 countries across the globe, the company works crucially in the US, Europe, and Asia, really attesting to its global influence and outreach.
The Eruditus Group comprises more than 1,750 professionals and has offices globally in Mumbai, New Delhi, Shanghai, Singapore, Palo Alto, Mexico City, New York, Boston, London, and Dubai, which reflects the huge extension of the company and operational scale.
Though specific financial details were not announced, Eruditus showcased impressive performance metrics: the company recorded a remarkable 70.39% growth in revenue to Rs 3,343 crore for FY23. Eruditus also successfully managed losses through its careful financial management and growth initiatives by cutting losses by 66.1% to Rs 1,049 crore for FY23.
This funding round is the second-largest in the edtech sector in 2024 after Physics Wallah raised $210 million, in the aftermath of witnessing a dramatic slowdown in investments within the edtech domain. According to TheKredible data, edtech startups have seen 30 deals and approximately $310 million in 2024, compared to $456 million in 2023, $2.3 billion in 2022, and $5.8 billion in 2021, which is indicative of the changing trends in investments in the edtech domain.
