Indian edtech firm Eruditus raises $113m led by Prosus Ventures

Photographer: Simon Dawson/Bloomberg

Mumbai-headquartered Eruditus Learning Solutions Pte Ltd, which offers executive learning programmes, has secured as much as $113 million (Rs 828 crore) in its Series D round, per various media reports.

The funding has been led by Prosus Ventures, formerly Naspers Ventures, with the participation of new investors Chan Zuckerberg Initiative (CZI) and US-based ed-tech-focussed fund Leeds Illuminate.

The round also saw the participation of Eruditus’s existing backers Sequoia Capital India and Ved Capital. The transaction has been a mix of primary and secondary funding, stated a report by VC Circle.

Established in 2010 by Chaitanya Kalipatnapu and Ashwin Damera, Eruditus offers management programmes and short courses, in addition to online curriculum.

Over the years, it has forged partnerships with a slew of foreign universities such as Columbia University, the Massachusetts Institute of Technology (MIT) and Harvard Business School.

While Prosus is an active investor in the burgeoning Indian startup ecosystem, the current investment marks Leeds Illuminate’s debut funding in an Indian firm.

Prosus’s portfolio companies in India include edtech unicorn Byju’s and food delivery firm Swiggy, among others.

Eruditus made headlines in January 2019 when it raised $40 million from Sequoia, Bertelsmann India in its Series C round. Prior to that in 2018, the startup had garnered a debt funding worth $2.3 million from Temasek-owned Innoven Capital.

The edtech sector in India is increasingly evincing investor interest. With educational institutes remaining closed amidst the COVID-19 pandemic, demand for online education has gone up significantly amongst consumers.

Byju’s, which is one a fundraising spree, recently raised $122m from DST Global, the investment fund headed by tech billionaire Yuri Milner, as part of its ongoing funding round. It earlier raised funding from Mary Meeker’s technology investment firm Bond at a valuation of about $10.5 billion.

Earlier this month, Lead School secured as much as $28 million in a Series C funding round led by WestBridge Capital.

Late last month, Toppr, India’s after-school AI-based learning app for K12 students, raised as much as Rs 350 crore ($46.6m) in its Series D funding round led by global investment firm Foundation Holdings. Vedantu, too, raised $100 million in its Series D funding round last month, led by US-based investment firm Coatue Management.

Other startups that raised capital starting April include Cuemath, Pariksha, and Flinto Learning Solutions, among others.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.