Eruditus, a Mumbai-based edtech company, has secured a remarkable $650 million in its latest funding round led by investment giants Accel and SoftBank. This funding round has propelled Eruditus to a valuation of $3.2 billion, cementing its position as the third highest-valued edtech startup in India.

Funding and Valuation

The funding round also saw participation from the Canada Pension Plan Investment Board, further solidifying Eruditus’s financial standing and growth prospects. Prior to this, the company had raised $113 million in a Series D round, with prominent investors such as Leeds Illuminate and Prosus Ventures. Notably, the Chan Zuckerberg Initiative (CZI), helmed by Facebook co-founder Mark Zuckerberg and Priscilla Chan, had also invested in Eruditus during the previous round, valuing the company at $700 million.

Company Background and Offerings

Founded in 2010 by Chaitanya Kalipatnapu and Ashwin Damera, Eruditus collaborates with esteemed universities worldwide to deliver executive-level courses spanning six to eight months. These courses cater to students from over 80 countries and are offered through on-campus, off-campus, and online modes. With partnerships with prestigious institutions like Columbia, Harvard Business School, INSEAD, and London Business School, Eruditus offers a diverse range of courses priced between $5,000 to $40,000.

SoftBank’s Edtech Ventures in India

SoftBank’s investment in Eruditus marks its second major foray into India’s burgeoning edtech sector. The Japanese conglomerate had previously invested in Unacademy, another leading player in the Indian edtech landscape. Unacademy recently raised $440 million in a funding round led by Temasek Holdings, propelling its valuation to $3.4 billion. With General Atlantic and Tiger Global as key investors, Unacademy continues to disrupt the Indian education market.

Growing Unicorn Club in Indian Edtech

Eruditus joins the ranks of Indian edtech unicorns, following the footsteps of industry heavyweights like Byju’s and Unacademy. Byju’s, the undisputed leader in the sector, holds the distinction of being a decacorn with a staggering valuation of $16.5 billion. Recently, Ronnie Screwvala-led upGrad also achieved unicorn status, securing $185 million in funding and reaching a valuation of $1.2 billion.

In conclusion, Eruditus’s ascent as India’s fourth edtech unicorn underscores the sector’s robust growth trajectory and the increasing appetite for lifelong learning solutions globally. With substantial investments and strategic partnerships, these edtech pioneers are reshaping the educational landscape and empowering learners worldwide.