Mumbai-based education company Eruditus has raised $650 million in a financing round led by Accel and SoftBank Vision Fund 2, with participation by The Canada Pension Plan Investment Board, Tech Crunch has reported.
The round values the 10-year-old Indian start-up at $3.2 billion
Eruditus works with universities around the world offering more than 100 executive-level courses to students in over 80 countries.
Eruditus, which is also backed by the Chan Zuckerberg Initiative and Sequoia Capital India partners with more than 30 top-tier universities, including MIT, Harvard, Columbia, Cambridge, INSEAD, Wharton, UC Berkeley, IIT, IIM and NUS to develop higher education courses costing between $5,000 to $40,000.
The company stated it will use the new funding to develop more courses and create new products.
Ashwin Damera, co-founder and chief executive of Eruditus, said: “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.”
Sumer Juneja, a partner at SoftBank Investment Advisers, said in a statement: “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.”
Date published: 13 August 2021