The Ed-tech firm Eruditus on Monday said that it has closed its $113-million series D funding round led by Leeds illuminate and Prosus Ventures. Chan Zuckerberg Initiative and present backers Sequoia India and Ved Capital had additionally participated in the round. The fresh funds could be deployed to strengthen its operations in the emerging markets and partner with new universities. A part of the finance can also be used to create career-ready courses for potential job-seekers in a post-pandemic global.
Eruditus operates in the $280-billion global expert training education segment and has partnered with 30 universities, launching over 100 courses for college students coming from greater than 80 international locations. The firm claims to have enrolled greater than 50,000 students during the last 12 months. Ed-tech first wrote about this funding round on August 29. People familiar with the deal told ET that about $20 million of the investment is secondary cash out, while $93 million has been infused in the organization.
The modern investment takes Eruditus’ overall fund depend on over $160 million. The fresh investment round consists of a mix of primary and secondary investment and offers the company a post-money valuation of $800 million, a source aware of the discussions stated.
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 knowledge of and digital 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 worldwide as part of its ongoing collection F funding round. In June, Byju’s had secured investment from US-based Bond, valuing it at approximately $10.five billion. final month, Vedantu raised a fresh $100 million in investment 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 gaining knowledge of, 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 turned into the financial adviser to Eruditus at the transaction.
