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On Fri, 18 Oct, 8:02 AM UTC
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[1]
India's Eruditus Raises $150 Million in TPG-Led Funding Round
BENGALURU (Reuters) - Indian educational technology company Eruditus has raised $150 million in a new funding round led by private equity firm TPG, at a time when the funding environment for edtech companies has been subdued. Eruditus' Series F round, which also saw the participation of existing backers SoftBank, Leeds Illuminate, Accel, CPP Investments and Chan Zuckerberg Initiative, was raised at a valuation of $3 billion. Co-founder and CEO Ashwin Damera told Reuters the focus will be on building AI products for teaching experiences, expanding focus to sell courses to enterprises and to double down on the Indian market, especially as Eruditus considers going public in India in the future. "Today, India for us is about 28% of our overall business, and over the next five years, I would love to see India be at least 50% of what we do," Damera said. However, the Indian edtech sector is in a tough spot. Including Eruditus, edtech companies in India have raised only $575 million this year, a far cry from the $5.37 billion raised in 2021, according to information provider Tracxn. Edtech firm Physics Wallah raised $210 million last month. Post fundraise, Eruditus will start the process of shifting its domicile to India from Singapore, Damera said. Eruditus is one of several startups looking to change its legal address to India due to better public listing prospects. Companies in the country have raised over $9 billion through IPOs this year, higher than the $7.42 billion raised in 2023, according to data compiled by LSEG. Damera, however, did not offer a timeline for a listing. "We have to ask ourselves what's the right time for us as a company (for an IPO), we just have a new investor. We'll have a discussion, we're not dying to go public right away. We still have a lot of things to build and do," he said. (Reporting by Haripriya Suresh; Editing by Shreya Biswas)
[2]
India's Eruditus raises $150 million in TPG-led funding round
BENGALURU (Reuters) - Indian educational technology company Eruditus has raised $150 million in a new funding round led by private equity firm TPG, at a time when the funding environment for edtech companies has been subdued. Eruditus' Series F round, which also saw the participation of existing backers Softbank, Leeds Illuminate, Accel, CPP Investments and Chan Zuckerberg Initiative, was raised at a valuation of $3 billion. Co-founder and CEO Ashwin Damera told Reuters the focus will be on building AI products for teaching experiences, expanding focus to sell courses to enterprises and to double down on the Indian market, especially as Eruditus considers going public in India in the future. "Today, India for us is about 28% of our overall business, and over the next five years, I would love to see India be at least 50% of what we do," Damera said. However, the Indian edtech sector is in a tough spot, with companies having raised only $419 million this year, a far cry from the $5.37 billion raised in 2021, according to information provider Tracxn. Edtech firm Physics Wallah raised $210 million last month. Post fundraise, Eruditus will start the process of shifting its domicile to India from Singapore, Damera said. Eruditus is one of several startups looking to change its legal address to India due to better public listing prospects. Companies in the country have raised over $9 billion through IPOs this year, higher than the $7.42 billion raised in 2023, according to data compiled by LSEG. Damera, however, did not offer a timeline for a listing. "We have to ask ourselves what's the right time for us as a company (for an IPO), we just have a new investor. We'll have a discussion, we're not dying to go public right away. We still have a lot of things to build and do," he said. (Reporting by Haripriya Suresh; Editing by Shreya Biswas)
[3]
India's Eruditus raises $150 mln in TPG-led funding round
BENGALURU, Oct 18 (Reuters) - Indian educational technology company Eruditus has raised $150 million in a new funding round led by private equity firm TPG (TPG.O), opens new tab, at a time when the funding environment for edtech companies has been subdued. Eruditus' Series F round, which also saw the participation of existing backers Softbank (9434.T), opens new tab, Leeds Illuminate, Accel, CPP Investments and Chan Zuckerberg Initiative, was raised at a valuation of $3 billion. Advertisement · Scroll to continue Co-founder and CEO Ashwin Damera told Reuters the focus will be on building AI products for teaching experiences, expanding focus to sell courses to enterprises and to double down on the Indian market, especially as Eruditus considers going public in India in the future. "Today, India for us is about 28% of our overall business, and over the next five years, I would love to see India be at least 50% of what we do," Damera said. Advertisement · Scroll to continue However, the Indian edtech sector is in a tough spot, with companies having raised only $419 million this year, a far cry from the $5.37 billion raised in 2021, according to information provider Tracxn. Edtech firm Physics Wallah raised $210 million last month. Post fundraise, Eruditus will start the process of shifting its domicile to India from Singapore, Damera said. Eruditus is one of several startups looking to change its legal address to India due to better public listing prospects. Companies in the country have raised over $9 billion through IPOs this year, higher than the $7.42 billion raised in 2023, according to data compiled by LSEG. Damera, however, did not offer a timeline for a listing. "We have to ask ourselves what's the right time for us as a company (for an IPO), we just have a new investor. We'll have a discussion, we're not dying to go public right away. We still have a lot of things to build and do," he said. Reporting by Haripriya Suresh; Editing by Shreya Biswas Our Standards: The Thomson Reuters Trust Principles., opens new tab Haripriya Suresh Thomson Reuters Haripriya reports on India's $254-billion Indian information technology (IT) industry, the country's burgeoning GCCs, as well as new-age startups. With seven years of experience, she has previously reported on politics, civic issues, crime, and breaking news in south India, and tracked the country's gig economy. She has a degree in Media Studies with a specialisation in journalism from the Symbiosis Centre for Media and Communication.
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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.
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.
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.
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.
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.
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.
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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Indian EdTech startup Physics Wallah raises $210 million in funding, reaching a $2.8 billion valuation. The company plans to use the funds for acquisitions and expansion, defying the current trend of scarce funding in the EdTech sector.
2 Sources
2 Sources
Coursera reports a significant increase in generative AI course enrollments, with India at the forefront. The company is leveraging this trend to drive growth amidst a slowdown in the broader edtech sector.
2 Sources
2 Sources
Great Learning, an EdTech company focusing on AI and data science upskilling, reports 23% revenue growth and profitability in FY24, showcasing resilience in a challenging market.
2 Sources
2 Sources
Oda Class, an Indian EdTech startup, has raised $500,000 in a funding round led by investors from Singapore and China. The company plans to use the funds to expand its operations and enhance its AI-powered learning platform.
3 Sources
3 Sources
upGrad, a major integrated learning company, has signed an MoU with the Maharashtra government to set up AI excellence centers across the state with an initial investment of INR 2,150 Cr, aiming to position Maharashtra as a global hub for AI talent.
2 Sources
2 Sources
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