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.
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.