The ten-year-old Weuditus valuation jumped from about $700 million last year. Eruditus is become the 23rd startup to join the unicorn club in 2021 by raising $650 million in a new round led by Accel Partners and SoftBank Vision Fund II.
According to Eruditus, the latest round, possibly Series E, is a mix of primary and secondary in which the company has reached a post-money valuation of $3.2 billion. The fresh proceeds will help Eruditus in acquisitions across India and overseas.
The education technology startup has stated that it will use the funds raised to develop more courses and build new products. "With this fundraise, we're excited to scale our unique business model, continue to deliver strong learning outcomes, and grow our global impact at a rapid rate," said Eruditus co-founder and CEO Ashwin Damera. In the latest round of funding, Damera sold stake worth $100 million.
Eruditus works with top international universities and offers more than 100 executive-level courses to students spread across 80 nations. Some of the top institutes that Eruditus is working with are MIT, Harvard, Columbia, Cambridge, INSEAD, Wharton, UC Berkeley, IITs, IIMs and NUS. The price of these executive-level courses level courses can range from $5,000 to $40,000.
Eruditus’ recent funding follows its $200 million acquisition of iD Tech, which marked the firm’s expansion into the kindergarten-12 (K-12) space.
The firm claims that 35 per cent of its users are from the US while 20% are from India. The remaining come from Latin America, Europe and other areas.
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