Eruditus is an Edtech unicorn turned startup that secured $150 million from Texas Private equity firm TPG’s rise fund during its series F funding round. The funding round saw the participation of other investors including Leeds Illuminate, Softbank Vision Fund 2, Accel, CPP Investments, Leeds Illuminate, and the Chan Zuckerberg Initiative. The development came after the three-year gap.
The company intends to use these fresh proceeds to scale its operations, improve its platform capability, expand its business serving governments or enterprises, and enhance the user’s learner experience. The startup also plans to use some of this investment to invest in AI technology and to strengthen its investment in APAC regions and India. Entrackr reported. The edtech platform uses advanced technology to offer quality content and the best learning experience.
The company provides executive-level programs for professionals with course completion certificates. The startup turned unicorn after securing an investment of $650 million from investors including Accel and Soft Bank Vision Fund II at a valuation of 3.2 billion USD. However, the valuation decreased by 28 percent and reached the post-money valuation of 2.3 billion USD due to poor market conditions.
The data intelligence platform, tracxn mentioned that the edtech unicorn secured a total funding of $811 million across seven funding rounds since its inception, including the conventional debt funding round of 350 million USD from CPP investment. The company aims to transform the edtech sector by offering innovative solutions in the tech education sector across India.
This investment will enable the startup to launch more services and minimize the gap between textbook education and the industry. The company faces competition from other edtech platforms offering professional courses such as Atoa, Augment, UpGrad, and more.
The company posted an increase of 70.39 percent to Rs 3,343 crore in FY23, However, the losses decreased by 66.1 percent to Rs 1,049 crore in the same duration. The company is yet to disclose the financial results for FY24. This $150 million investment is the second-largest deal in the edtech sector following the $210 million raised by Physics Wallah.
The investment highlights the market potential of the firm in this sector. The startup data intelligence platform, thekredible posted that the edtech startups have raised around $310 million across 30 deals in 2024.
Conclusion :
Eruditus is a Mumbai-based edtech unicorn that secured $150 million from TPG’s The Rise fund in its series F funding round. The rise fund led the round with the participation of investors including Softbank Vision Fund 2, Accel, Leeds Illuminate, CPP Investments, and others. The startup intends to use the fresh capital to expand its team, invest in AI technology, and strengthen its investment in the APAC region and India.
The company aims to transform the edtech startup ecosystem and enhance its platform capability while expanding its services. The company provides an online platform with professional, executive-level programs and course completion certifications. The edtech sector in India raised $310 million across 30 deals so far in 2024.
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