Edtech company Eruditus has raised US$150 million to support its global growth and expand operations.
The funding comes from MARS Growth Capital and HSBC, with MARS providing up to USD 100 million and HSBC contributing up to USD 50 million.
“The refinancing reinforces our long-term growth strategy, giving us the financial flexibility to accelerate profitable expansion across international markets,” said Ashwin Damera, cofounder and chief executive of Eruditus.
Ron Daniel, chief executive and board member of Liquidity and MARS Growth Capital, said, “By leveraging Liquidity’s technology and global financial strength, we are empowering Eruditus to accelerate their international trajectory and broaden their impact on lifelong learning for professionals worldwide.”
Eruditus works with more than 80 top universities, including MIT, Harvard, Wharton, INSEAD, and Cambridge, to offer over 700 professional learning programs. Their courses have reached more than a million learners in over 80 countries.
The company did not reveal the exact refinancing terms, but ET reported that its $130 million debt, originally due to end in 2025, has now been extended for another four years.
Last year in October, Eruditus raised $150 million in a Series F funding round led by TPG’s The Rise Fund. The company became a unicorn during its $650 million equity round in August 2021.
In FY24, Eruditus’ revenue grew 12% to Rs 3,733 crore, and its adjusted EBITDA losses dropped 83.45% to Rs 69 crore ($8.3 million). The FY25 annual report has not been released yet.
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