Eruditus secures $150 Mn refinancing amid dry edtech funding environment

Edtech firm Eruditus has raised up to $150 million through a refinancing deal led by Mars Growth Capital, the joint venture between Liquidity and Japan’s largest bank, MUFG Bank.

The $130 million initial funding, with a $20 million scale-up option, will support Eruditus’ continued global growth and operational scaling, the company said in a press release. According to the company, MARS Growth Capital will provide up to $100 million, while the remaining $50 million will come from HSBC.

Eruditus partners with more than 80 top-tier universities, including institutions such as MIT, Harvard, Wharton, INSEAD, and the University of Cambridge, to deliver over 700 professional learning programs to more than one million learners across 80+ countries.

“The refinancing reinforces our long-term growth strategy, giving us the financial flexibility to accelerate profitable expansion across international markets,” said Ashwin Damera, CEO and co-founder of Emeritus and Eruditus. “We view MARS and Liquidity as long-term strategic partners, not just capital providers. Built on a foundation of trust and a shared vision, our relationship is focused on scaling together and driving sustainable, profitable growth.”

Eruditus had raised $150 million in its Series F funding round led by TPG’s The Rise Fund in October last year. During its $650 million equity round in August 2021, the firm also entered the coveted unicorn club.

In FY24, the firm’s operating scale grew by 12% to Rs 3,733 crore, while it narrowed its adjusted EBITDA losses by 83.45% to Rs 69 crore ($8.3 million). The firm has yet to file its annual report for FY25.

The new round comes at a time when edtech funding has largely dried up. So far in 2025, startups in the sector have raised just $118 million across 22 deals, with no deals closed in August. PhysicsWallah, another unicorn, secured the largest edtech funding in the past couple of years with a $210 million round. The firm has also received SEBI’s nod for its Rs 3,820 crore IPO.