More Wins for Edtech: Eruditus Rakes In US$113M Series D Funding

Eruditus is expected to double its profits this fiscal year

Global edtech startup Eruditus has completed a Series D round of funding to the tune of US$113 million, the company announced in a statement today.

The funding was led by U.S. growth equity firm Leeds Illuminate and Prosus Ventures, the venture investing arm of global internet company Prosus, the statement noted. Prosus, formerly known as Naspers, is a majority stakeholder in Tencent.

The company’s existing investors Sequoia India and Ved Capital returned to participate in the round, joined by the Chan Zuckerberg Initiative. Avendus Capital acted as the exclusive financial advisor to deal, the statement noted.

Eruditus is an edtech company offering professional education program via Eruditus Executive Education and online certificates through its online education arm EMERITUS.

The fresh funding will enable Eruditus to globally expand its portfolio of courses, bolster engagement with partner universities, broaden operations in emerging markets, and create courses relevant to “skills required of the global workforce in a post-pandemic world,” the statement said.

“COVID-19 is dramatically accelerating change across higher education. We are engaging more deeply with universities worldwide to help them expand their online portfolio and global footprint,” Eruditus Co-founder and CEO Ashwin Damera said in the statement.

“We chose Leeds Illuminate, Prosus Ventures and the Chan Zuckerberg Initiative as mission-aligned partners that provide strategic value that goes beyond capital to support our growth,” Damera added.

The startup partners with top-tier universities including MIT, INSEAD, UC Berkeley, National University of Singapore, and some Ivy League schools as well. The company has offices in India, the U.A.E., Singapore, Mexico, the U.S. and China.

Eruditus has recorded over 50,000 enrolments in the past 12 months, according to the statement. The company is reportedly valued at $700 million.

“The value of the teachings of the great institutions has been rationed to those who can physically and monetarily access their facilities. Eruditus unlocks those assets and enables those institutions to help a whole new cohort of learners around the globe,” Head of Investments for India at Prosus Ventures, Ashutosh Sharma noted in the statement.

Eruditus had last raised funding in 2018, a Series C round for $40 million from Sequoia Capital India and Bertelsmann India Investments. The round followed a debt financing round of $2.3 million from InnoVen Capital in the same year.

Bertelsmann India Investments had earlier funded the company’s $8 million Series B round of financing in 2017. Eruditus raised its Series A round for an undisclosed amount just a year before this, in 2016.

Managing Partner of Leeds Illuminate Susan Cates noted in the statement that the startup acts as a “connective tissue” between professional talent and global universities,

“Innovative and interactive courses focused on skills of the future, delivered by sought-after global brands, create upward economic mobility for learners across the world,” Cates also said.

While COVID-19 has put additional emphasis on the possibilities of edtech, over the years the industry has led to the creation of domineering unicorns such as Indian startup Byju’s, and U.S.-based Udemy, as well as a number of Chinese unicorns including Yuanfudao, Vipkid, and Zuoyebang.

The year so far has led to several milestones for edtech companies, including these unicorns.

Yuanfudao, for instance, is said to be in the process of raising $1.2 billion in fresh funding. With this round, Yuanfudao’s valuation is expected to surpass that of Byju’s, currently the world’s biggest edtech unicorn.

Byju’s raised funding this year as well, bringing in over $500 million. Further, it also made a $300 million all-cash acquisition deal with WhiteHat Jr. The Chan Zuckerberg Initiative, which has backed Byju’s since 2016, made a partial exit from the company this year for around INR2 billion ($27.5 million at current rates).

ET confirmed the Chan Zuckerberg Initiative’s investment in Eruditus late last month. Eruditus is expecting considerable profits, doubling its $100 million revenue in the previous year, for fiscal year ending 30 June, 2021, Damera told ET.

“We’re excited to support the growing partnerships between U.S. universities and those in India, China and Latin America that are making truly high-quality education accessible to a broad and diverse range of students,” Managing Partner-Ventures, Chan Zuckerberg Initiative, Vivian Wu said in the statement.

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

Elon Musk Buy Next

What Is Elon Musk Going to Buy Next?

There are moments in our lives—perhaps we are in the shower or struggling to sleep at 2 A.M.—when we think about all the ways we could influence the world. We find solutions to crypto volatility, world hunger and our neighbor’s ultra-dry plants.

5 Technologies

5 Technologies That Are on Stage in Russia’s Invasion of Ukraine So Far

On February 21, 2022, Vladimir Putin, President of the Russian Federation, declared the independence of the Donetsk People’s Republic and Luhansk People’s Republic. Arousing international outcry, this ignited the ultimate invasion of Russia on Ukraine three days later. While Ukrainians are still defying Putin’s covetous ambitions, new technologies have been floating on the surface to take advantage of each other.

Technology Joy Ghose

Technology Pioneers – Interview With Joy Ghose of FreeD Group

Over the past 15 years, the Chief Commercial Officer (CCO) of FreeD Group Limited, Joy Ghose, has accumulated plenty of experience in the travel and technology industry. Before joining FreeD Group, Ghose was involved in sales, marketing and management roles at companies like Merlin Entertainments and The Hong Kong Tourism Board.

Creamy Mattes and Beyond Reviewing GoPlay Cosmtics’ Custom Lipstick Maker

To Creamy Mattes and Beyond: Reviewing GoPlay Cosmtics’ Custom Lipstick Maker

While researching for our piece on personal color analysis, I came across the LIPSKIT, a custom lipstick-making tool created by GoPlay Cosmetics. GoPlay Cosmetics is a DIY (do-it-yourself) make-up brand that is looking to prioritize sustainability in the make-up industry without compromising the variety of your lipstick collection.

Ledger vs Trezor

Ledger vs Trezor: Where Should You Store Your Crypto Holdings?

As lucrative as the cryptocurrency world is, it comes with a high risk of losing your crypto because of hacks. To make sure that your crypto holdings stay safe with you, you must carefully choose effective storage solutions for them. One of the ways to keep your crypto secure is by holding it in a hardware wallet.

4 best companion robots to consider in 2022

Alone No More: 4 Best Companion Robots to Consider in 2022

The Covid-19 pandemic and the isolation that accompanied it has given many of us a healthy appreciation for good company. Over the long periods of self-isolation and quarantine, we have come to the realization that company can also come in many non-human forms, like pets, plants and… Roombas?