The Rise Fund, a component of TPG’s global impact investing platform, led the $150 million Series F funding round for Edtech unicorn Eruditus. The Chan Zuckerberg Initiative, Leeds Illuminate, Accel, CPP Investments, and Softbank Vision Fund 2 were among the current investors who participated in the round.
The Mumbai-based company has finally raised equity after a three-year hiatus. Back in March 2022, it raised $350 million in debt. The company also became a member of the exclusive unicorn club in August 2021 with the $650 million equity round.
According to a press release from the company, the funds will be utilized to strengthen investments in India and the APAC region, extend the business serving governments and businesses, improve the learner experience, and invest in AI technology. Future investments and acquisitions are another goal of the business, as they have in the past produced remarkable topline growth and market expansion into key areas.
With partnerships with more than 80 universities worldwide, Eruditus provides a variety of programs, such as professional certificates, degree programs, and short courses. With operations in major markets like the US, Europe, and Asia, the company says it has educated over a million people in over 80 countries.
With offices in Mumbai, New Delhi, Shanghai, Singapore, Palo Alto, Mexico City, New York, Boston, London, and Dubai, the Eruditus Group has more than 1,750 employees worldwide.
Although the Ashwin Damera-led business did not reveal its most recent financial figures, its operating revenue increased by 70.39% in FY23, to Rs 3,343 crore. Additionally, the company’s losses decreased from Rs 3094 crore in FY22 to Rs 1,049 crore in FY23, a 66.1% decrease.
In 2024, this is the second-biggest edtech transaction, after the $210 million reared by Physics Wallah, another unicorn. The funding coincides with a notable slowdown in edtech company investments.
