Eruditus secures up to $150 million refinancing from MARS Growth Capital, HSBC

Eruditus CEO and co-founder Ashwin Damera

Executive education firm Eruditus has closed a refinancing deal of up to $150 million led by existing lenders MARS Growth Capital and HSBC, the company announced on September 11.

The structure includes a $130 million facility and a $20 million scale-up option. MARS Growth Capital — a joint venture between Liquidity Group and MUFG Bank — will provide up to $100 million, with HSBC covering the remaining $50 million.

“The refinancing reinforces our long-term growth strategy, giving us the financial flexibility to accelerate profitable expansion across international markets,” said Ashwin Damera, co-founder and CEO of Eruditus.

The refinancing comes less than a year after Eruditus raised $150 million in a Series F round in October 2024, led by TPG’s The Rise Fund. At the time, the equity round helped strengthen the company’s balance sheet amid tightening conditions in the edtech sector.

To date, the company has raised as much as $741 million across eight funding rounds from marquee investors like Peak XV Partners, Accel, Softbank, and Prosus, among others, according to market intelligence platform Tracxn.

Co-founder and executive director Chaitanya Kalipatnapu said that the transaction validated the company’s financial approach. “Liquidity’s decision-science rating offers objective, data-driven validation of what we’ve long believed — that our strategy for global, profitable growth is built for long-term sustainability.”

Ron Daniel, CEO of Liquidity and MARS Growth Capital, added that the deal underscored lender confidence. “The backing of up to $150 million comes on the heels of our strong momentum in APAC… we are empowering Eruditus to accelerate their international trajectory and broaden their impact on lifelong learning.”

Operationally, Eruditus reported a 12 percent revenue growth to Rs 3,733 crore in FY24, while sharply reducing losses. Its EBITDA loss narrowed 83 percent to Rs 69 crore, compared with Rs 417 crore in the previous year, aided by operational efficiencies. The refinancing provides additional capital flexibility as the company seeks to maintain this path toward profitability.

Eruditus, which also operates under the Emeritus brand, partners with over 80 universities including MIT, Harvard, Wharton and INSEAD, and has delivered more than 700 professional learning programmes to over 1 million learners across 80 countries. Its investor base also includes  CPP Investments, Bertelsmann, TPG and the Chan Zuckerberg Initiative.