InnoVen Capital invests $2.3 Mn in executive edtech startup Eruditus

Edtech startup Eruditus, a company that offers executive education programmes globally has raised $2.3 million in debt from Temasek-owned InnoVen Capital.

The Mumbai-based startup will deploy the fresh capital towards introducing new programmes to its portfolio and for further growth into international markets such as Latin America and South East Asia.

Founded in 2010 by Ashwin Damera and Chaitanya Kalipatnapu, Eruditus offers professional and management development programmes to corporations and professionals from India, Singapore, Dubai and other overseas markets.

It focuses on courses like data science, fintech, digital business, and professional and management development programmes offered through both on-campus and online learning methods.

These courses are offered in partnership with top businesses schools like INSEAD, Harvard Business School, Wharton School (University of Pennsylvania), MIT Sloan School of Management.

Eruditus currently offers 28 courses and plans to increase this number to 52 by next year. Besides, it also aims to enroll 30,000 students in the aforementioned courses this year, a 300 per cent growth from last year.

Previously, it had raised $8 million in a series-B funding round from Bertelsmann India Investments.

InnoVen is a pan-Asian venture debt platform providing debt financing to high growth and innovative tech start-ups and has provided over 175 loans to more than 125 start-ups across India and Southeast Asia.

In 2017, the Temasek-backed debt financing firm had deployed $75 million in the startup ecosystem, through debt financing. It also added 22 new companies to its portfolio in that period, registering an annual growth of 25 per cent.

Notable edtech companies such as BYJU, and RIL-owned Embibe have been funded by InnoVen. Its other portfolio investments include Myntra, Yatra, Swiggy, Oyo Rooms and Firstcry.

The development was reported by Deal Street Asia.