Ed-tech unicorn Eruditus secures $150M from SoftBank, Chan Zuckerberg Initiative
Mumbai-based edtech unicorn Eruditus, which offers online courses from international universities, has raised another $150 million. The investment round saw participation from big names like SoftBank Vision Fund 2, the Canadian pension fund, and the Chan Zuckerberg Initiative. However, even with this latest infusion of capital, the start-up's valuation has stayed unchanged at $3.2 billion since August 2021.
Eruditus plans to enhance user experience
Eruditus plans to use the fresh capital to integrate artificial intelligence into its platform, making the learning experience better for users. The company also plans to use part of this investment for potential acquisitions. This strategy is in line with the firm's larger vision of growth and innovation in response to market demand, founder and CEO Ashwin Damera said.
Eruditus's financial performance and future projections
In the fiscal year ending June 2024, Eruditus had reported a revenue of ₹3,800 crore. Damera, a Harvard graduate and former founder of online travel booking portal Travelguru, expects the company's revenue to exceed ₹5,000 crore by June next year. He also revealed plans for Eruditus to move its domicile from Singapore back to India.
