edtech unicorn learned has raised $150 million in a Series F funds 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 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 achieved unicorn status in August 2021 during a $650 million round of actions.
Focusing on AI technology
The company plans to use the raised capital to improve its AI technology to improve the student experience and expand its commercial offering to governments and companies. 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 are excited to continue growing and innovating to meet market demand,” said Ashwin Damera, CEO of Eruditus and Emeritus.
“In a rapidly evolving business environment, we have reinvented education by bringing programs from the world’s leading universities to students around the world. Education is the key to the transformation of people, businesses and society, and we welcome the support of our investors that allow us to accelerate our growth,” Damera added.
Eruditus’ global reach and partnerships
Eruditus has established partnerships with more than 80 universities worldwide, offering a wide range of programs, including short courses, degree programs and professional certificates.
The company claims to have trained more than 1 million people in 80 countries, focusing on key markets such as the United States, Europe and Asia.
With a workforce of over 1,750, Eruditus operates from offices in global hubs including Mumbai, New York, Palo Alto, London, Singapore and Dubai.
Financial performance
While Eruditus did not disclose specific financial details for the most recent period, the company reported significant revenue growth in FY23. The company saw its operating income 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 moving 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 timetable for going public.
Avendus Capital was the exclusive financial advisor for the fundraising.
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