Eruditus and Emeritus have invested INR 240 Crores ($32 Million) in Asia’s leading venture debt and specialty finance platform, InnoVen Capital India Fund. Ashwin Damera, who is the Founder & CEO of both Eruditus and Emeritus made the investment through his family office which is co-managed by both him and his wife Bhagyashree Damera.
Ashwin co-founded Eruditus and Emeritus, a leading global Ed-Tech platform. Currently valued at $3.2 billion following its $650 million Series E funding in 2021, the platform is backed by marquee investors such as Softbank, Vision Fund 2, Prosus, Accel, Sequoia, Bertelsmann, and the Chan Zuckerberg initiative.
Ashwin Damera, Damera ventures, said, “I am delighted to invest in Innoven’s maiden venture debt fund. This investment is from my family office and will give us exposure to venture debt, which is a unique asset class. I have known Innoven for many years and have a strong appreciation for the strong franchise/portfolio they have built. As an entrepreneur, this investment also aligns with my goal of investing back into the venture ecosystem as the capital will eventually support many promising start-ups, as they scale up.”
Ashish Sharma, Managing Partner, InnoVen Capital India Fund, added, “We are excited to welcome Ashwin as a major investor in our fund. While we are raising capital from several classes of investors, it’s always special to have successful founders invest with us, as they bring value beyond capital. Over the last few years, the ecosystem has seen several founders generate some liquidity and many have allocated capital to venture debt, as part of their asset allocation.”
The India fund of InnoVen Capital was opened late last year and has already built a strong portfolio of 25 companies, including 7 unicorns. “We expect to do our final close sometime next quarter,” Ashish said.
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