Edtech Unicorn Eruditus Gets $150 Mn in Series F, Round Was Led by TPG’s

Eruditus, an edtech unicorn, has raised $150 million (about INR 1,260 crore) in a Series F funding round spearheaded by TPG’s global impact investing platform, The Rise Fund.

Existing investors participated in the round, including Softbank Vision Fund II, Leeds Illuminate, Accel, CPP Investments, and the Chan Zuckerberg Initiative.

In August, it was reported that the company was in talks to seek money at a valuation of $2.3 billion.

“With this investment, we’re excited to continue to grow and innovate to meet market demand,” Damera told the press.

The company was recently valued at $3.2 billion in August 2021, following a $650 million round of fundraising from a group of investors that included Accel and SoftBank Vision Fund II.

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Eruditus intends to use the new funds to accelerate its global expansion and increase its investment in AI technologies.

Additionally, the Mumbai-based firm intends to extend its rapidly growing business serving governments and corporations, as well as deepen its investments in India and Asia-Pacific (APAC).

Eruditus, founded in 2010 by Chaitanya Kalipatnapu and Ashwin Damera, is an education platform that offers online courses from top worldwide business schools such as Columbia, MIT, London Business School, and Harvard Business School in areas such as artificial intelligence, data science, and data coding.

“In a fast changing business climate, we have redefined education by providing programs from the world’s top universities to learners all around the world. Education is the key to transformation for individuals, businesses, and society, and we appreciate our investors’ support, which allows us to accelerate our expansion.”

This comes at a time when the SoftBank-backed business has revealed ambitions to list on the Indian stock exchanges BSE or NSE in the future years, as well as plans to relocate its headquarters ahead of a potential initial public offering.

Despite the uncertainty surrounding the edtech sector, digital learning providers raised $224 million in the third quarter of 2024, rising 357% from $49 million in Q3 2023, according to data.

Physics Wallah, a peer edtech unicorn, just raised $210 million (about INR 1,756.7 crore) in a Series B fundraising round led by Hornbill Capital with a post-money valuation of $2.8 billion.