Eruditus secures $40 Mn Series C round led by Sequoia, now valued over $400 Mn

Edtech startup Eruditus that offers executive education programmes, has raised $40 million in Series C round led by Sequoia Capital. The Mumbai-based startup also saw participation of Bertelsmann India in the fresh round.

With the fresh capital infusion, post-money valuation of the eight-year-old startup soared to $410 million.

The Ashwin Damera led startup will deploy the proceeds to enter newer markets such as Latin America, and China. Besides, it will expand the portfolio of courses and plans for full-fledged degree courses in partnership with top universities.

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

With partnering top businesses schools like INSEAD, Harvard Business School, Wharton School (University of Pennsylvania), MIT Sloan School of Management, Eruditus covers courses like data science, fintech, digital business, and professional and management development programmes.

For the current session, courses in emerging technologies such as Artificial Intelligence (AI), Blockchain, robotics, and self-driving vehicles are going to be added.

It offers both on-campus and online learning methods and claims to have enrolled around 10,000 students in 2018. For the current year, it aims to triple the number of enrollments.

In April 2017, Bertelsmann had led $8 million Series B round in the startup while it raised $2.3 million debt fund from InnoVen Capital in July, last year.

So far, the startup has raised around $50 million total risk capital from the aforementioned investors and the founders still have the majority stake of around 70 per cent in the company.

The development was reported by ET.