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Edtech startup Eruditus to raise $40 Mn funding led by Sequoia Capital India

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Executive education service provider Eruditus Executive Education Pvt. Ltd is in advanced talks to raise $40 million in a Series C funding round led by Sequoia Capital India, two people aware of the development said. 

Bengaluru, 30 Nov, 2018. RedNewswire/-

In July, Eruditus had raised $2.3 million in venture debt from InnoVen Capital. InnoVen is the venture debt arm of Singapore state investment firm Temasek.

The company had earlier raised $8 million in a Series B funding from Bertelsmann India Investments. INSEAD professor Neil Bearden had also invested in Eruditus in 2016.

The company was founded in 2010 by Chaitanya Kalipatnapu and Ashwin Damera, offers professional development programmes for executives in India, Singapore and Dubai, among other countries. It offers online learning courses and short campus programmes. Eruditus’ courses are priced from $5,000 to $40,000, according to the company’s website.

It partners with executive education arms of Ivy League colleges including INSEAD, MIT Sloan, Wharton, Harvard Business School and Cambridge.

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The company offers online learning courses and short campus programmes. Its executive education courses include lessons in management, personal leadership, marketing, design thinking and innovation among others for middle level and senior level professionals.

According to a Google and KPMG report, the online education market in India is estimated at $247 million (as of 2017) with 1.57 million users and is is expected to witness a 8X growth over the next five years and will touch $1.96 billion by 2021.

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