Edtech start-up Eruditus becomes 23rd unicorn

BENGALURU:  Mumbai-based Eruditus, which ties-up with the top international universities to upskill professionals, has become the fourth edtech unicorn of India.

Eruditus has raised $650 million in a new funding round led by US venture fund, Accel and Softbank Vision Fund 2 at a $3.2 billion valuation.

This is almost a four-fold jump in its valuation from $800 million last year during the last capital raise.This is Softbank’s second bet in the India’s edtech industry. Softbank led a major funding round in Unacademy last year, marking its entry into the unicorn club.

The current fundraise also saw the participation of Chan Zuckerberg Initiative, Sequoia India, Bertelsmann, Prosus, and Leeds Illuminate. It involved the primary funds infusion and the secondary sale stake of existing investors as well as the company CEO, Ashwin Damera. The company founder has sold his stake worth $100 million.

“Eruditus’ mission is to make high-quality education accessible and affordable to learners across the world. With this fundraise, we’re excited to scale our unique business model, continue to deliver strong learning outcomes, and grow our global impact at a rapid rate,” Damera said in a statement.

The company has seen a 100% growth in the last one year of the Covid-19 pandemic with a major share of revenues coming from overseas geographies including the US, Europe, Latin America.