In its USD 150 million Series F fundraising round, Edtech unicorn Eruditus was headed by TPG's The Rise Fund, which is a component of TPG's global impact investing platform. Existing investors, such as the Chan Zuckerberg Initiative, Leeds Illuminate, Accel, CPP Investments, and Softbank Vision Fund 2, also participated in the round.
More than three years have passed since the Mumbai-based company raised an equity round. In March 2022, it had already raised USD 350 million in debt. The company also joined the exclusive group of unicorns at the USD 650 million fundraising round in August 2021.
According to a press statement from the firm, the funds will be utilized to reinforce investments in India and the APAC area, improve the student experience, grow the business servicing governments and businesses, and invest in AI technology. Future investments and acquisitions, which have in the past produced remarkable topline growth and development into key markets, are another goal of the business.
Eruditus offers a variety of programs, including professional certifications, degree programs, and short courses, in collaboration with more than 80 institutions worldwide. The organization operates in important areas including the US, Europe, and Asia and claims to have trained over 1 million people in more than 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 globally.
The Ashwin Damera-led company's operating revenue increased 70.39% to Rs 3,343 crore in FY23, despite the fact that it did not provide its most recent financial figures. Additionally, the company's losses decreased from Rs 3094 crore in FY22 to Rs 1,049 crore in FY23, a 66.1% decrease.
After another unicorn, Physics Wallah, garnered USD 210 million, this deal is the second-biggest edtech deal of 2024. The money coincides with a notable decrease in edtech company investments. Edtech companies have raised about USD 310 million through 30 agreements so far in 2024, according to statistics from TheKredible. This is in contrast to USD 456 million, USD 2.3 billion, and USD 5.8 billion in 2023, 2022, and 2021, respectively.
