Ed-tech firm Eruditus raises $113 million in Series D round

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September 1, 2020 1:00 AM

The latest investment takes Eruditus’ total fund count to over $160 million. The fresh funding round includes a mix of primary and secondary investment and gives the company a post-money valuation of $800 million, a source aware of the discussions said.

Eruditus operates in the $280-billion global professional education segment and has partnered with 30 universities.

Ed-tech firm Eruditus on Monday said it has closed its $113-million Series D funding round led by Leeds Illuminate and Prosus Ventures.  Chan Zuckerberg Initiative and existing backers Sequoia India and Ved Capital also participated in the round. The fresh funds will be deployed to strengthen its operations in the emerging markets and partner with new universities. Part of the funds will also be used to create career-ready courses for potential job-seekers in a post-pandemic world.

Eruditus operates in the $280-billion global professional education segment and has partnered with 30 universities, launching over 100 courses for students coming from more than 80 countries. The firm claims to have enrolled more than 50,000 students over the last 12 months.

The latest investment takes Eruditus’ total fund count to over $160 million. The fresh funding round includes a mix of primary and secondary investment and gives the company a post-money valuation of $800 million, a source aware of the discussions said.

In January 2019, the company had raised $40 million led by Sequoia India as part of its Series C financing round which gave it a post-money valuation of $410 million. With the pandemic having fuelled the adoption of digital learning and virtual classrooms, the Indian ed-tech space has been attracting considerable investor interest. Byju’s is raising a fresh $122.33 million in funding from DST Global as part of its ongoing Series F funding round. In June, Byju’s had secured funding from US-based Bond, valuing it at about $10.5 billion. Last month, Vedantu raised a fresh $100 million in funding led by US-based Coatue.

“Education technology is a major focus for Prosus Ventures, and we now have six ed-tech portfolio companies spanning education across K-12, vocational upskilling, lifelong learning, and now higher education with the inclusion of Eruditus,” Ashutosh Sharma, head of investments for India, Prosus Ventures, that also backed Byju’s, said.
Avendus Capital was the financial adviser to Eruditus on the transaction.

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