ISN Exclusive: Edtech startup Eruditus to raise $15 million from MARS Growth, others

Edtech startups are shrugging off their growth pangs and are back on the scale-up trajectory. One such firm is Eruditus. 

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The higher education platform is in talks to raise around $15 million in a fresh round of debt from MARS growth capital, people privy to confidential information have told IndianStartupNews.

“Another large bank is also likely to participate in this round and make it slightly larger in size,” one of them said. 

The company plans to use the funds to ramp up offerings and scale up business operations, ISN has learnt.  Mars is an existing backer and is doubling down on the company. 

The round is expected to close in the coming days. Eruditus chose not to reply to ISN. 

The development comes nearly a year after the company raised $150 million from TPG and existing investors, including SoftBank Vision Fund 2, Leeds Illuminate, Accel, CPP Investments, and the Chan Zuckerberg Initiative.

That round came more than two years after the startup raised $350 million in debt in March 2022. It had previously achieved unicorn status in August 2021 during a $650 million equity round.

Eruditus has established partnerships with over 80 universities worldwide, offering a broad range of programs, including short courses, degree programs, and professional certificates.

The company claims to have educated over 1 million individuals across 80 countries, focusing on key markets such as the U.S., Europe, and Asia. With a workforce of more than 1,750 people, Eruditus operates out of offices in global hubs, including Mumbai, New York, Palo Alto, London, Singapore, and Dubai.