Ashwin Damera is the
Co-Founder and CEO of Eruditus. Eruditus has established partnerships with over
80 universities worldwide, offering a broad range of programs, including short
courses, degree programs, and professional certificates .The company claims to
have educated over 1 million individuals across 80 countries, focusing on key
markets such as the U.S., Europe, and Asia. With a workforce of more than 1,750
people, Eruditus operates out of offices in global hubs, including Mumbai, New
York, Palo Alto, London, Singapore, and Dubai.
Edtech unicorn Eruditus has
raised $150 million in a Series F funding round led by TPG's The Rise Fund, the
multi-sector strategy of TPG's global impact investing platform. Existing
investors, including SoftBank Vision Fund 2, Leeds Illuminate, Accel, CPP
Investments, and the Chan Zuckerberg Initiative, also participated in the
round. The funding comes more than three years after the startup raised $350
million in debt in March 2022.It had previously reached unicorn status in
August 2021 during a $650 million equity round. The firm plans to use the raised
capital to enhance its AI technology to improve the learner experience and to
expand its business offerings to governments and enterprises. It will also
focus on strengthening its presence in India and the Asia-Pacific (APAC)
region. Additionally, the funds will support future acquisitions and
investments that are expected to drive the company’s top-line growth and
expansion into strategic markets globally. "With this investment, we're
excited to continue to grow and innovate to meet market demand," said
Ashwin Damera, CEO of Eruditus and Emeritus. While Eruditus did not disclose
specific financial details for the most recent period, the company reported
significant revenue growth in FY23. The firm saw its revenue from operations
grow by 70.39% to Rs 3,343 crore. Eruditus also significantly reduced its losses
by 66.1% from Rs 3,094 crore in FY22 to Rs 1,049 crore in FY23. According to
Damera, Eruditus is also considering shifting its domicile from Singapore to
India, driven by the potential for better public listing opportunities.
However, Damera clarified that while the company is considering an IPO, there
is no immediate timeline for going public. Avendus Capital was the exclusive
financial advisor for the fundraise.