Eruditus Secures $150 Million in Funding, Plans AI-Driven Expansion and Potential IPO

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On Fri, 18 Oct, 8:02 AM UTC

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Indian edtech company Eruditus raises $150 million in a TPG-led funding round, maintaining a $3 billion valuation. The company plans to focus on AI products, enterprise sales, and Indian market expansion, with a potential future IPO in India.

Eruditus Secures $150 Million in Series F Funding

Indian educational technology company Eruditus has successfully raised $150 million in a Series F funding round led by private equity firm TPG. The funding comes at a time when the edtech sector is experiencing a slowdown in investments. Despite the challenging environment, Eruditus maintained its valuation at $3 billion 1.

The funding round saw participation from existing investors, including SoftBank, Leeds Illuminate, Accel, CPP Investments, and the Chan Zuckerberg Initiative. This diverse group of backers demonstrates continued confidence in Eruditus's business model and growth potential 2.

AI-Driven Expansion and Strategic Focus

Ashwin Damera, co-founder and CEO of Eruditus, outlined the company's plans for utilizing the new funds. The primary focus will be on developing AI products to enhance teaching experiences, a move that aligns with the growing trend of AI integration in education. Additionally, Eruditus aims to expand its offerings to sell courses to enterprises, tapping into the corporate learning market 3.

Doubling Down on the Indian Market

A significant part of Eruditus's strategy involves strengthening its presence in the Indian market. Currently, India accounts for 28% of the company's overall business. Damera expressed his ambition to increase this to 50% over the next five years, highlighting the importance of the Indian market in Eruditus's growth plans 1.

Shifting Domicile and Potential IPO

Following the fundraise, Eruditus plans to initiate the process of shifting its domicile from Singapore to India. This move is part of a broader trend among startups looking to change their legal address to India, driven by better public listing prospects in the country 2.

While Eruditus is considering going public in India in the future, Damera did not provide a specific timeline for an IPO. He emphasized that the company still has "a lot of things to build and do" before making such a decision 3.

Edtech Sector Challenges

The funding round for Eruditus comes against the backdrop of a challenging environment for the Indian edtech sector. According to data from Tracxn, edtech companies in India have raised only $575 million in 2024, a significant drop from the $5.37 billion raised in 2021. This decline reflects the broader funding slowdown in the sector 1.

Indian IPO Market Momentum

Despite the challenges in the edtech sector, the broader Indian IPO market has shown strong performance. Companies in India have raised over $9 billion through IPOs in 2024, surpassing the $7.42 billion raised in 2023. This positive trend in the public markets could potentially influence Eruditus's future listing plans 2.

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