Latest News | Eruditus and Emeritus Founder Invests Rs 240 Cr in Innoven Capital India Fund

New Delhi, Apr 20 (PTI) Edtech platform Eruditus and Emeritus founder and CEO Ashwin Damera on Wednesday announced the investment of Rs 240 crore in venture debt and specialty finance platform InnoVen Capital India Fund.

The investment was made through Damera's family office which is co-managed by Ashwin and his wife Bhagyashree Damera.

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"I am delighted to invest in Innoven's maiden venture debt fund. This investment is from my family office and will give us exposure to venture debt, which is a unique asset class. I have known Innoven for many years and have a strong appreciation for the strong franchise/portfolio they have built. As an entrepreneur, this investment also aligns with my goal of investing back into the venture ecosystem as the capital will eventually support many promising startups, as they scale up," Damera said.

Eruditus and Emeritus is currently valued at USD 3.2 billion, following its USD 650 million Series E funding in 2021. It's backed by marquee investors such as Softbank, Vision Fund 2, Prosus, Accel, Sequoia, Bertelsmann and the Chan Zuckerberg initiative.

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"We are excited to welcome Ashwin as a major investor in our fund. While we are raising capital from several classes of investors, it's always special to have successful founders invest with us, as they bring value beyond capital. Over the last few years, the ecosystem has seen several founders generate some liquidity and many have allocated capital to venture debt as part of their asset allocation," InnoVen Capital India Fund managing partner Ashish Sharma said.

He said that the India fund, which was launched late last year, has already built a portfolio of 25 companies, including 7 unicorns.

"We expect to do our final close sometime next quarter," Sharma said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)