Eruditus Raises New Round of Funding to Drive Global Growth and Strengthen Investments in AI Technology

The edtech startup also plans to expand its rapidly growing business serving governments and enterprises and deepen its investments in the India and Asia Pacific (APAC) regions.

The company was last valued at $3.2 billion in August 2021, thanks to its previous $650 million funding round from a group of investors including Accel and SoftBank Vision Fund II.

Edtech Unicorn Scholar has raised $150 million (approximately INR 1,260 Cr) in a Series F funding round led by TPG’s global impact investing platform, The Rise Fund.

The round also saw participation from existing investors including Softbank Vision Fund II, Leeds Illuminate, Accel, CPP Investments and Chan Zuckerberg Initiative.

Eruditus plans to use the new capital to drive its global growth and strengthen its investments in AI technology.

Additionally, the Mumbai-based startup also plans to expand its rapidly growing business serving governments and enterprises and deepen its investments in the India and Asia Pacific (APAC) regions.

Founded in 2010 by Chaitanya Kalipatnapu and Ashwin Damera, Eruditus is an educational platform offering online courses from prestigious global business schools such as Columbia, MIT, London Business School, Harvard Business School in areas such as artificial intelligence , data science and data coding.

In August, it was reported that the company was in talks raise capital at a valuation of $2.3 billion.

Inc42 contacted Eruditus to confirm the post-money valuation. The story will be updated based on the response.

The company was last valued at $3.2 billion in August 2021, following its previous buyout round. funding of $650 million from a group of investors, including Accel and SoftBank Vision Fund II.

“With this investment, we are excited to continue to grow and innovate to meet market demand,” Damera said.

“In a rapidly changing business environment, we have reinvented education by bringing programs from the world’s leading universities to learners around the world. Education is the key to transformation, for individuals, businesses and society and we appreciate the support of our investors who enable us to accelerate our growth.

This comes at a time when the SoftBank-backed startup revealed its plans is expected to list on the Indian stock exchange BSE or NSE in the coming years and is considering relocating its headquarters in anticipation of a possible initial public offering (IPO).

Despite uncertainty facing the edtech sector, digital learning providers raised $224 million in Q3 2024, up 357% from $49 million in Q3 2023, according to Inc42 data.

From this, peer edtech unicorn Physics Wallah raised $210 million (approximately INR 1,756.7 Cr) in its Series B funding round, led by Hornbill Capital, at a post-money valuation of $2.8 billion, a few weeks ago.