Eruditus group which runs Eruditus Executive Education and its online division Emeritus has raised $40 Mn in a Series C round of funding from Sequoia India and existing investor Bertelsmann India Investments.
Bengaluru, 11 Jan, 2019. Rednewswire/-
Eruditus was founded in 2010 by INSEAD graduate Chaitanya Kalipatnapu and Harvard Business School alum Ashwin Damera. Emeritus provides a 360-degree solution to our partner universities to help them take their courses online and to reach global audiences.
Ashwin Damera, co-founder and Director at Eruditus said, “The reason we’re raising this capital is growth. We’re already operating on a break even basis and we should exit this year in the positive. The three focus areas for us is to create more courses, grow geographically and the third is offering degrees. There’s a very huge opportunity to work with these colleges to bring their degree granting programmes online.”
Commenting on the funding, GV Ravishankar, Managing Director, Sequoia Capital India Advisors said that the investor company continues to be active in the education space with the latest round.
“Upskilling and reskilling represent one of the fastest-growing segments of the global education market. Driven both by individual learners investing in their own professional development and by corporations investing in the development of their employees, the massive challenge of reskilling in response to technology evolution is throwing open a multi-billion-dollar opportunity for education entrepreneurs,” said Ravishankar.
The company is looking to enroll 30K students from more than 80 countries in the current financial year. It also aims to increase its enrollment by more than 10 times within the next five years across certificate courses and online degrees.
In July, the startup had raised $2.3 million venture debt from Temasek-owned Innoven Capital.