India's Eruditus raises $650m at $3.2b valuation

Sequoia Capital India, Bertelsmann India Investments, Leeds Illuminate, Prosus Ventures, and Chan Zuckerberg Initiative re-upped. It more than quadruples the valuation of the company at the time of a $113 million Series D last year.

Eruditus offers a mix of on-campus, off-campus, and online products catering to professionals who cannot access full-time courses. Its Emeritus service provides 250 learning programs developed in partnership with around 50 universities and has delivered to 250,000 individuals across more than 80 countries.

In May, the company expanded into the K-12 segment, with the acquisition of US-based iD Tech, which is considered a global leader in youth coding education. While virtual courses are the present focus, both companies plan also continue to expand their in-person programs, many of which take place at leading universities, in the US and globally in 2022.

In the past 12 months, Emeritus is said to have grown more than 100% year-on-year, putting it on track to realize more than $500 million in bookings this year. Proceeds from the Series E will be used to create new products and industry verticals, expand government and enterprise-facing services, double-down on recently entered geographies, and fund additional acquisitions.

“The unbundling of higher education and continued learning has only just started,” Anand Daniel, a partner at Accel, said in a statement.

“We believe that the platform and deep partnerships with the world’s best universities puts Emeritus and its partner universities at the forefront of this revolution in higher education. Their products are helping bring the best quality education to students around the world at affordable prices.”

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• Topics
• South Asia
• Consumer
• Expansion
• India
• Softbank
• Accel Partners
• Sequoia Capital
• Bertelsmann Asia Investments
• Prosus Ventures
• Education
• TMT