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“We have known Ashwin and the team at Eruditus for a number of years and have always been impressed by their approach and execution. We believe that the platform and deep partnerships with the world’s best universities puts 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,” said Anand Daniel, Partner at Accel.
“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”, said Ashwin Damera, co-founder and CEO. Founded by Ashwin Damera and Chaitanya Kalipatnapu in 2010, Eruditus started out with offline classes with faculty from Europe’s INSEAD and the Indian Institute of Management (Ahmedabad) teaching a 10 day-classroom program in a 5-star hotel for 10-15 people.
From 2015 onwards, it started an online teaching model and raised venture capital from investors such as Bertelsmann and Sequoia Capital India. It was last valued at $800m in October 2020 when it raised $113m led by Prosus Ventures (Naspers), the Chan Zuckerberg Initiative and others. For FY21, Eruditus recorded a revenue of $185m, compared to $100m in FY20, CEO Damera told Moneycontrol last week when it announced the iD Tech acquisition. It expects to more than double its revenue for FY22, with ID Tech also expected to have $100m in revenue by the end of 2022.
“With the rapid rate of technological disruption, continuous upskilling is necessary in today’s job market,” said Sumer Juneja, Partner at SoftBank Investment Advisers. “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.”
Source: Money Control
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