Facebook CEO to invest in Indian edtech startup Eruditus?

Eruditus, partners with top colleges in the US and Europe such as Massachusetts Institute of Technology (MIT)

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startup Eruditus

Eruditus, partners with top colleges in the US and Europe such as Massachusetts Institute of Technology (MIT), INSEAD, London School of Economics, and others to create training courses targeted at professionals and executives.

The company plans to expand its range of courses in emerging sectors such as Artificial Intelligence (AI), Blockchain, robotics and self-driving vehicles. It will also being offering full-fledged degree courses in partnership with more top universities by next year.

The Chan Zuckerberg Initiative (CZI), a non-profit headed by Facebook CEO Mark Zuckerberg and his wife Priscilla Chan, is in advanced talks to invest in Indian online learning startup Eruditus, according to Moneycontrol.

“Eruditus has been growing well and has been a real revenue business from Day 1. COVID has only boosted their business thesis. A well-known firm like CZI coming in indicates their long term view on the business and sector,” said a person close to the company.

According to the sources, CZI will be joined by other US-based technology funds, investing about $80 million at a valuation of $800-850 million. This is double the $400 million it was valued at in January 2019 when it raised $40 million led by Sequoia Capital India. The Mumbai-based company plans to use the funds to expand to more countries, improve product functions, and make selective acquisitions.

Founded in 2010 by Chaitanya Kalipatnapu and Ashwin Damera, Eruditus offers management programmes and short courses remotely. It has tie-ups with foreign universities, including Columbia University, Massachusetts Institute of Technology and Harvard Business School. It also has tie-ups with Indian institutes like IIM, XLRI among others.

CZI is an investor in over a dozen online education companies globally. This would be its second investment in an Asian startup after Byju’s.

Funding raised by Eruditus over time

Announced Date Transaction Name Number of Investors Money Raised Lead Investors 
Nov 30, 2018Series C – ERUDITUS Executive Education2$40MSequoia Capital India
Jul 6, 2018Debt Financing – ERUDITUS Executive Education1$2.3MInnoVen Capital
Apr 3, 2017Series B – ERUDITUS Executive Education1₹530MBertelsmann India Investments
May 1, 2016Series A – ERUDITUS Executive Education1
Source: crunchbase

Is edtech the future?

Online education has seen a massive boost since the Covid-19 pandemic. Edtech companies have been the favorite among the investors. The fear of coronavirus has seen schools, institutes and professionals adopting online education. The pandemic has also given an opportunity to people to change professions and online education has been of big help. Access to any course or module has seen a lot of takers and learn new skills to upgrade or switch their professional career.

BYJU’S recently acquired coding platform WhiteHat Jr. in one of the best deals for a startup. Edtech startup Toppr also raised Rs 350 crore in a Series D funding round. Unacademy also raised $110 million from Facebook and General Atlantic in February this year. Even Eduvanz, a fintech providing loan to students, has raised $5.5 million. Recently, LEAD School also raised $28 million in a Series C funding round.

ERUDITUS Executive Education have 3 members.

  • Photo of Chaitanya KalipatnapuChaitanya Kalipatnapu, Co-founder and Director
  • Photo of Ashwin DameraAshwin Damera, Co-founder and Director
  • Photo of Emmanuelle PerraudEmmanuelle Perraud, Associate Director

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