Indian globally recognized edtech startup Eruditus raises US$113 million in a Series D round of funding according to a statement released by the company. The round was led by U.S. growth equity firm Leeds Illuminate and Prosus Ventures.
Also participating in the round include existing investors Sequoia India and Ved Capital also return to invest in the round, joined by the Chan Zuckerberg Initiative.
The fresh funds according to the statement will invested to execute in global expansion strategies. It will also empower the startup to increase its portfolio of courses, bolster engagement with partner universities, broaden operations in emerging markets, and create courses relevant.
Eruditus offers a slew of professional education program through its Eruditus Executive Education arm and online certificates courses through its online education arm EMERITUS.
“COVID-19 is dramatically accelerating change across higher education. We are engaging more deeply with universities worldwide to help them expand their online portfolio and global footprint,” Eruditus Co-founder and CEO Ashwin Damera said in the statement.
“We chose Leeds Illuminate, Prosus Ventures and the Chan Zuckerberg Initiative as mission-aligned partners that provide strategic value that goes beyond capital to support our growth,” Damera added.
“The value of the teachings of the great institutions has been rationed to those who can physically and monetarily access their facilities. Eruditus unlocks those assets and enables those institutions to help a whole new cohort of learners around the globe,” Head of Investments for India at Prosus Ventures, Ashutosh Sharma noted in the statement.