Mumbai, India-based Edtech Startup Eruditus has raised $150 million in a series F round at a flat valuation of $3.2 billion post-money, led by TPG’s The Rise Fund, part of TPG’s global impact investing platform.
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The round also saw participation from existing investors, including Softbank Vision Fund 2, Leeds Illuminate, Accel, CPP Investments, and the Chan Zuckerberg Initiative. TPG Rise has invested $100 million in Eruditus, while SoftBank has put in another $20 million.
According to a press release from the company, the funding will be used to expand the business that serves governments and enterprises, deepen investments in India and the APAC area, improve the student experience, and invest in AI technology. The company also has its sights set on upcoming investments and acquisitions, with a track record of generating significant topline growth and market expansion.
Emeritus’ short courses, degree programs, professional certificates, and senior executive programs help individuals learn new skills and transform their lives, companies, and organizations. Its unique model of state-of-the-art technology, curriculum innovation, and hands-on instruction from senior faculty, mentors, and coaches educates more and has educated more than 350,000 individuals across 80+ countries.
“Fiscal 25—from July to June—will be nearly Rs 5,000 crore in revenue, and we should do about Rs 300 crore in Ebitda,” Ashwin Damera said. “We just turned profitable in FY24 at an Ebitda level. For a company of our size, I think we should keep some cash in hand—cash for M&A.”
“This has been a longer fundraise than I expected,” Damera said. “Also in this process, we learned a few things. One is that some of the guys who we thought were very keen have decided that they were either not investing in education or they will not invest in India for some time, indicating the broader concerns on investors’ minds around the sector.
“The second thing also from our perspective is that a lot of these are global investors. So, they also look at the comparables in the US… We had to spend a lot of time telling them that corporate governance here is very different from what you have experienced in other Indian companies,” he added.
About Eruditus
Founded in 2010 by Ashwin Damera and Chaitanya Kalipatnapu, Emeritus (part of the Eruditus group) is committed to teaching the skills of the future by making high-quality education accessible and affordable to individuals, organizations, and governments worldwide. It does this by collaborating with more than 70 top-tier universities across the United States, Europe, Latin America, Southeast Asia, India, and China.
Emeritus’ short courses, degree programs, professional certificates, and senior executive programs help individuals learn new skills and transform their lives, companies, and organizations.
