Edtech unicorn Eruditus has secured $150 million in a Series F funding round led by TPG’s The Rise Fund, part of TPG’s global impact investing platform. The round included participation from existing investors such as Softbank Vision Fund 2, Leeds Illuminate, Accel, CPP Investments, and the Chan Zuckerberg Initiative.
This equity raise comes after a three-year gap, with the last major financing being a $350 million debt round in March 2022. Eruditus entered the unicorn club in August 2021 following a $650 million equity round.
The fresh capital will support Eruditus‘ ambitions to invest in AI technology, enhance its learner experience, and grow its government and enterprise business. The company also plans to increase investments in India and APAC while eyeing strategic acquisitions and investments to continue driving its topline growth. Historically, such acquisitions have been crucial in Eruditus’ expansion into key markets.
Eruditus partners with over 80 universities globally, offering a wide array of programs including short courses, degree programs, and professional certificates. To date, the company has educated more than 1 million individuals across 80 countries, with a strong presence in markets such as the US, Europe, and Asia.
With a global workforce of over 1,750 employees, Eruditus operates offices in key cities including Mumbai, New York, London, Singapore, and Dubai.
Financially, the Ashwin Damera-led company reported a 70.39% revenue growth in FY23, reaching Rs 3,343 crore. Losses were also reduced significantly by 66.1%, dropping to Rs 1,049 crore in FY23 from Rs 3,094 crore in FY22.
This funding marks the second-largest deal in the edtech space in 2024, trailing the $210 million raised by Physics Wallah. The capital infusion comes amidst a broader slowdown in investments across the edtech sector.
