Eruditus, an edtech unicorn has raised $150 million in its Series F funding round led by TPG’s The Rise Fund, the multi-sector strategy of TPG’s global impact investing platform. As part of The Rise Fund’s investment, TPG’s Simit Batra will join Eruditus’ board of directors.
The round also saw participation from existing investors Softbank Vision Fund 2, Leeds Illuminate, Accel, CPP Investments and the Chan Zuckerberg Initiative.
The fresh capital raised will be used to invest in AI technology to further enrich the learner experience, expand the company’s rapidly growing business serving governments and enterprises and deepen its investments in the India and APAC regions.
As the company continues to grow and scale, it eyes future acquisitions and investments, which have historically contributed to impressive topline growth and expansion in strategic markets.
The company is accelerating its investments in technology to harness the power of generative AI to further enrich the learner experience and provide enhanced learning solutions.
Eruditus has already launched proprietary AI-powered tutors for students and programs with partner schools. The need for training in the age of AI is driving unprecedented demand for the company’s enterprise solutions which grew revenue 45% last year.
Avendus Capital was the exclusive financial advisor for the fundraise.
Steve Ellis, a Managing Partner of The Rise Funds, said, “Eruditus is expanding access to new education opportunities and giving professionals at all stages of their careers the skills they need to advance and succeed in today’s rapidly changing workplace. Eruditus’ mission aligns with a core investing theme for The Rise Funds, which focuses on backing strong businesses that are opening pathways to high-quality education and driving greater lifetime earning potential for their students. We look forward to working with Eruditus to further enhance the platform and scale the business globally.”
“With this investment, we’re excited to continue to grow and innovate to meet market demand. In a rapidly evolving business environment, we have reimagined education by bringing programs from the world’s leading universities to learners around the globe. Education is the key to transformation, for individuals, companies, and society and we’re appreciative of the support of our investors who enable us to accelerate our growth,” said Ashwin Damera, CEO, Eruditus and Emeritus.
Eruditus, the parent company of Emeritus, makes high-quality education accessible and affordable to individuals, organizations, and governments worldwide.
Eruditus has collaborated with more than 80 top-tier universities across the United States, Europe, Latin America, Southeast Asia, India, and China. Eruditus claims to educate more than 1 million individuals across 80+ countries.
Eruditus’ short courses, degree programs, professional certificates, and senior executive programs help individuals learn new skills and transform their lives, companies, and organizations.
The Eruditus Group has more than 1,750 employees globally and offices in Mumbai, New Delhi, Shanghai, Singapore, Palo Alto, Mexico City, New York, Boston, London, and Dubai.
The company is backed by TPG, the Chan Zuckerberg Initiative, Leeds Illuminate, Prosus Ventures, GSV Ventures, Peak XV, Bertelsmann, CPP Investments, Accel and SoftBank Vision Fund 2.
