Edtech unicorn Eruditus has secured $150 million in a Series F funding round led by TPG’s The Rise Fund, with participation from existing investors like SoftBank Vision Fund 2, Leeds Illuminate, Accel, CPP Investments, and the Chan Zuckerberg Initiative.
This funding comes over three years after the startup raised $350 million in debt in March 2022. Eruditus had achieved unicorn status in August 2021 following a $650 million equity round. The new capital will be used to enhance its AI technology, expand its offerings to governments and enterprises, and strengthen its presence in India and the APAC region. The funds will also support future acquisitions and strategic global expansion.
CEO Ashwin Damera emphasized their commitment to innovation, stating, “With this investment, we’re excited to continue to grow and innovate to meet market demand.” He added, “Education is the key to transformation, and we’re appreciative of the support of our investors.”
Eruditus has partnered with over 80 universities, offering diverse programs across 80 countries and focusing on key markets like the U.S., Europe, and Asia. The company operates globally from hubs in Mumbai, New York, Palo Alto, London, Singapore, and Dubai, employing over 1,750 people.
Eruditus reported a 70.39% revenue growth to Rs 3,343 crore in FY23, while reducing its losses by 66.1% from Rs 3,094 crore in FY22 to Rs 1,049 crore in FY23. Damera mentioned a potential shift of the company’s domicile to India for better public listing opportunities but clarified there is no immediate timeline for an IPO.
Avendus Capital was the exclusive financial advisor for this fundraise.
