Indian edtech startup Eruditus has recently raised $113 million in a Series D funding round led by Leeds Illuminate and Prosus Ventures (formerly Naspers Ventures), with participation from Chan Zuckerberg Initiative, Sequoia Capital and Ved Capital, according to TechCrunch.
Eruditus has so far secured more than $160 million. The latest round brings its valuation to over $700 million, according to sources.
Founded a decade ago, Eruditus partners with more than 30 universities, including MIT, Columbia, Harvard, Cambridge, INSEAD, Wharton, UC Berkeley, and NUS, to provide executive education, with more than 100 courses across multiple languages have already been launched on its platform.
The startup claims to enroll over 50,000 students in the last 12 months. Ashwin Damera, the cofounder of Eruditus, said the company had been profitable from April to June and expects to post a “substantial profit” in its fiscal year ending June 30, 2021.
The new investment will be used to partner with more institutions and expand into new markets. Eruditus is the second edtech startup that CZI has invested in India, with Byju's first investment.