Eruditus

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

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.

Eruditus posts Rs 3,733 crore revenue in FY24, EBITDA loss narrows by 83%

Eruditus is the largest operational edtech company in India by way of revenue. Its revenue is 1.9-times larger than Noida-based PhysicsWallah (PW), and nearly twice as much as Ronnie Screwvala-led UpGrad.

Banking on AI portfolio, enterprise biz to drive near term growth, says Eruditus co-founder Chaitanya Kalipatnapu

The company’s growth plans come hot on the heels of a major funding round

Eruditus nears deal to raise $150 million in fresh round led by TPG

The discussions to raise money started sometime last year and the initial plan was just to do a small $50 million secondaries round where some early investors would take an exit. However, Eruditus after achieving a full year of Ebidta profitability decided to kick off a larger round and close it before flipping its base back to India from Singapore, a source told Moneycontrol.

Breaking Boundaries: High profits, growing demand drive Indian edtechs into study-abroad segment

Over the past two years, edtech startups in India have been treading rough waters, chasing profitability and cutting costs . Companies are now foraying into segments that inherently command higher profit margins.

Eruditus FY23 revenue jumps 75%; losses narrow to Rs 1,049 crore

Eruditus, which follows a July-June financial year as it is incorporated in Singapore, said it is among the top two edtechs by revenue in India.

Eruditus plans foray into study abroad segment in 2024, says CEO Ashwin Damera

Damera added that while many companies tie up with tier-2, -3 and -4 institutions, Eruditus will likely send students to top 100 or 150 universities of the country it focuses on

SoftBank, CPPIB to participate in Eruditus’ $60-70 mn secondary funding, likely at 20% discount

The secondary funding round is also likely to see participation from a new investor with a sovereign wealth fund showing interest

When a market leader is in blues, entire sector gets painted in the same shade: Ashwin Damera of Eruditus

Damera's remarks regarding the influence of the crisis at Byju's on India's edtech industry comes during a period of a significant decline in investments within the sector. Resumption of in-person education at schools, colleges, and tuition centers, coupled with the internal problems at Byju's have exacerbated the situation.

AI may not impact higher education segment much: Eruditus’ Ashwin Damera

Damera's remarks about the disruptive effects of AI coincide with the growing discourse on the influence of generative AI models such as ChatGPT in the global edtech sector. Prominent companies like Byju's, Coursera, and Khan Academy are embracing these models to enhance their services

Eruditus FY23 loss excluding exceptional items narrows to $40mn as revenue tops $400mn

The company says it has managed to achieve a small EBITDA, excluding ESOPs, of about $3 million in its latest quarter on a pro-forma basis. Eruditus is aiming for an EBITDA of $40 million in FY24 as it sees its revenue growing by 40 percent to about $560 million.

Impact of valuation markdown will only be clear in next funding round: Eruditus’ Ashwin Damera

The edtech unicorn said that the valuation mark down came from a limited partner of one of its investors, and not the investing firm itself.

Higher employee costs of Mumbai is better than high attrition rate of Bengaluru: Startup founders

According to UpGrad MD Mayank Kumar, paying 5-10% higher costs in Mumbai than in cities like Gurugram is still justified by the quality talent and lower attrition rates found in the financial capital.

US-based Private Shares Fund cuts Eruditus’ fair value by 9%, effectively valuing it at $2.9 billion

The Private Shares Fund's decision to decrease the fair value of Eruditus in the January-March period came even as Eruditus achieved break-even during the quarter

Eruditus becomes the second-biggest revenue grossing edtech with $250 mn in sales

Eruditus’ operating revenue is also more than that of the other four direct-to-consumer edtech unicorns that have filed FY22 results together

SoftBank-backed Emeritus expects to be profitable in FY24 on bookings basis

Emeritus co-founders Ashwin Damera and Chaitanya Kalipatnapu expect their revenue to grow about 40 percent in 2022-23.

Investors favour upskilling platforms as other edtechs struggle with funding winter

Higher education and upskilling startups have raised $1.1 billion in private equity and venture capital funding so far this year, slightly less than the $1.25 billion raised in the first 11 months of 2021, according to data by Tracxn Technologies.

Eruditus chief Ashwin Damera invests in digital sports platform KheloMore

Founded in 2017, by former international cricketer Jatin Paranjape, the KheloMore application works as an aggregator of coaches and academies across Indian cities for sports such as cricket, football, badminton, and basketball, among others

Edtechs focus on cutting monthly spends as demand, funding fall

Spending on the advertising and marketing front and offers like free trials, especially in the early days, are hurting companies. The higher education and upskilling space seems to be faring better.

Early-stage funding in Indian ed-tech bucks global trend, jumps 2.5x in 2022

Contenders are scrambling as the ed-tech incumbents are fumbling. But will their performance be any better?

Layoffs, restructuring, slowdown: India’s edtech firms are struggling post-pandemic

The slowing demand for technology-based education services, coupled with the much-talked-about funding winter, has had a domino effect on India's thriving edtech companies, forcing them to lay off employees, go slow on expansion, cut down excess spends and explore newer revenue streams. Some edtech companies have even shut operations

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