Edtech unicorn Eruditus has raised $150 million in its Series F funding round, led by TPG’s The Rise Fund, part of TPG’s global impact investing platform. The round also saw participation from existing investors, including Softbank Vision Fund 2, Leeds Illuminate, Accel, CPP Investments, and the Chan Zuckerberg Initiative.
The Mumbai-based firm has raised an equity round after a gap of more than three years. It previously raised $350 million in debt back in March 2022. During the $650 million equity round in August 2021, the firm also entered the coveted club of unicorns.
The funding will be used to invest in AI technology, enhance the learner experience, expand the business serving governments and enterprises, and strengthen investments in India and the APAC regions, the company said in a press release. The company also aims for future acquisitions and investments, which have historically driven impressive topline growth and expansion into strategic markets.
Eruditus has partnered with over 80 universities globally, offering a range of programs including short courses, degree programs, and professional certificates. The company claims to have educated more than 1 million individuals across more than 80 countries and operates in key markets such as the US, Europe, and Asia.
The Eruditus Group employs over 1,750 people worldwide and has offices in Mumbai, New Delhi, Shanghai, Singapore, Palo Alto, Mexico City, New York, Boston, London, and Dubai.
While the Ashwin Damera-led company did not disclose the latest financial numbers, its revenue from operations spiked 70.39% to Rs 3,343 crore in FY23. The company also reduced its losses by 66.1% to Rs 1,049 crore in FY23 from Rs 3094 crore in FY22.
This is the second-largest deal in the edtech space in 2024, following the $210 million raised by another unicorn Physics Wallah. The funding comes amid a significant slowdown in investments in edtech companies. According to data from TheKredible, edtech startups have raised around $310 million across 30 deals in 2024 so far, compared to $456 million in 2023, $2.3 billion in 2022, and $5.8 billion in 2021.
By Entrackr
Source: Entrackr