Edtech Startup Eruditus, which offers professional education courses through collaboration with leading universities, has become the latest entrant to the coveted unicorn club with a valuation of $3.2 billion along with its latest $650 million fundraise.
The Series E funding round of $650 million was led by Accel and SoftBank Vision Fund 2, along with its existing investors — the Chan Zuckerberg Initiative, Sequoia India, Bertelsmann, Prosus, and Leeds Illuminate.
The possible series E funding round is a mix of primary and secondary components which resulted in a huge jump in valuation for Eruditus, which was valued at around $700 million during its last fundraising a year ago.
Currently, 23 new unicorns emerged from the Indian ecosystem this year. Eruditus’ entry into the unicorn club makes it the second edtech entry into the league this year, following upGrad.
Founded in 2010 by Chaitanya Kalipatnapu and Ashwin Damera, the company works with universities globally offering over 250 professional learning programmes to 2.5 lakh students across 80+ countries.
The company will use this funding to develop new courses, create new products and industry verticals, besides expanding to newer verticals such as governments and enterprises. The company further said funds will also be used for market expansion and to fund acquisitions.
Ashwin Damera, Co-founder and CEO of Eruditus, said, “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.”
Anand Daniel, Partner at Accel, said, “The unbundling of higher education and continued learning has only just started. We believe that the platform and deep partnerships with the world’s best universities put Eruditus and its partner universities at the forefront of this revolution in higher education. Their products are helping bring the best quality education to students around the world at affordable prices.”
Sumer Juneja, Partner at SoftBank Investment Advisers, said, “With the rapid rate of technological disruption, continuous upskilling is necessary in today’s job market. The company’s partnerships with elite universities, and use of technology and data to create and deliver high quality courses positions Eruditus to lead in this space.”
At present, the edtech company has over 1,400 employees with its offices in Mumbai, Delhi, Shanghai, Singapore, Palo Alto, Mexico City, Boston, New York, London, and Dubai.