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Chan Zuckerberg Initiative backs Indian education startup Eruditus in $113 million fundraise

Mumbai-based Eruditus, which works with transcend universities globally to offer more than 100 executive-level trends to students in over 80 nations, said on friday it has raised $113 million in a new financing round as it examinations to further scale its business to reach more learners.

The Series D financing round for the 10 -year-old startup was co-led by Leeds Illuminate and Prosus Ventures. Chan Zuckerberg Initiative and existing investors Sequoia India and Ved Capital also participated in the round, which raises Eruditus’ to-date raise to more than $ 160 million. Eruditus is now valued at over $700 million, a person familiar with the matter said. Avendus Capital was the financial advisor to Eruditus on this transaction.

Eruditus maintains a tie-up with over 30 top-tier universities, including MIT, Harvard, Columbia, Cambridge, INSEAD, Wharton, UC Berkeley, IIT, IIM and NUS. The universities and Eruditus work to develop directions that are aimed at offering higher education to students. These directions cost anything between $5,000 to $40,000.

There’s no shortfall of startups that proposal similar courses to students for free or at the price of a beaker of coffee. At a meeting last year, Ashwin Damera, Eruditus co-founder and chief executive of Eruditus, said his startup provides a range of additional offerings, including tailor-make learning, and tracks the outcome of the course in a student’s life.

The startup, which has bureaux in six country level employs more than 650 people, said here today has enrolled 50,000 students in the past 12 months.

Eruditus is the second startup that Chan Zuckerberg Initiative has backed in India. Its first investment in the country, Byju’s, too operates in the edtech marketplace.( In fact, it’s grown to become the most valued edtech startup in the world .)

” Eruditus acts as a critical innovation partner for top universities as they expand online course furnishes in response to workforce needs and market demand ,” said Vivian Wu, succeeding partner, Ventures, Chan Zuckerberg Initiative, in a statement.” We’re aroused to support the growing partnerships between U.S. universities and those in India, China and Latin America that are constructing genuinely high-quality education accessible to a expansive and diverse range of students .”

Eruditus said it will use the fresh asset to partner with more universities and expand in emerging groceries. It said it also wants to invest in developing career-ready trends to help the workforce acquire the skills they need to survive in the post-pandemic world.

“Eruditus’ goals are a great match for ours — democratizing access of quality the necessary resources for a much broader audience. The appraise of the teachings of the great institutions has been rationed to those who can physically and monetarily access their equipment. Eruditus unlocks those assets and enables those institutions to help a whole new cohort of learners across the globe ,” said Ashutosh Sharma, is chairman of Investments for India at Prosus Ventures, which invests in six edtech startups, including Byju’s.

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