Mumbai-based Eruditus, a leading Edtech unicorn, has secured $150 million in its latest Series F funding round. This round was led by TPG’s The Rise Fund, with participation from existing investors such as Softbank Vision Fund 2, Leeds Illuminate, Accel, CPP Investments, and the Chan Zuckerberg Initiative.
After over three years, the company opted for an equity round, having previously raised $350 million in debt earlier this year. Eruditus entered the unicorn club in August 2021 during a $650 million equity round.
The fresh funding will be used to advance AI technology, improve the learner experience, expand services for governments and enterprises, and reinforce investments in India and the APAC regions. Eruditus also plans to pursue future acquisitions and investments to drive growth and market expansion.
About Eruditus
Founded by Ashwin Venkata Damera in 2010, Eruditus partners with over 80 universities globally, offering a range of programs from short courses to degree programs and professional certificates. The company reports empowering over 1 million learners across 80+ countries, with a presence in key markets like the US, Europe, and Asia.
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Eruditus operates with a workforce of over 1,750 employees across multiple global offices, including Mumbai, New Delhi, Shanghai, Singapore, Palo Alto, Mexico City, New York, Boston, London, and Dubai.
In FY23, Eruditus experienced a 70.39% increase in revenue, reaching ₹3,343 crore, while cutting its losses by 66.1% to ₹1,049 crore from ₹3,094 crore in FY22.
This funding round is the second-largest deal in the edtech sector in 2024, following Physics Wallah’s $210 million raise.
These developments come as investments in the edtech landscape slow down, with startups securing around $310 million across 30 deals in 2024, compared to higher figures in previous years.
