Latest News | Eruditus Raises USD 650mn from Accel, Softbank Vision Fund 2

New Delhi, Aug 12 (PTI) Eruditus on Thursday said it has raised USD 650 million (about Rs 4,828 crore), led by Accel and Softbank Vision Fund 2, valuing the edtech platform at USD 3.2 billion.

A mix of primary and secondary funding, the USD 650 million funding round valued the company at USD 3.2 billion, that is quadruple of the series D valuation from August 2020, a statement said.

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Accel and SoftBank Vision Fund 2 join Eruditus' returning investors, the Chan Zuckerberg Initiative, Leeds Illuminate and Prosus, who participated in the round, and existing investors, Sequoia Capital India and Bertelsmann, it added.

The latest series E funding follows Eruditus' recent USD 200 million acquisition of iD Tech that marked its expansion into the K12 space. The transaction also marks Accel's largest single edtech investment.

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Avendus Capital was the exclusive financial advisor to Eruditus on the transaction.

"Proceeds from the round will be used to develop new courses in conjunction with university partners, create new products and industry verticals, expand the company's business serving governments and enterprises, double-down on new geographical markets, and fund acquisitions," the statement said.

In the last 12 months, Eruditus has grown rapidly with more than 100 per cent year-on-year growth. The company said it is on track to log more than USD 500 million in bookings this year.

"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,” its co-founder and CEO Ashwin Damera said.

Eruditus has built a massive global upskilling platform for professionals with over 250 programmes, developed in partnership with a network of more than 50 top-tier universities.

These programmes have been delivered to more than 2.5 lakh individuals across over 80 countries.

"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,” Sumer Juneja, Partner at SoftBank Investment Advisers, said.

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