Facebook CEO's non-profit organization - CZI may invest in Mumbai based Edtech Startup Eruditus
2020-08-25The non-profit organization, The Chan Zuckerberg Initiative (CZI), headed by Facebook CEO Mark Zuckerberg and his wife Priscilla Chan, is in advanced talks with a Mumbai based edtech startup Eruditus.
As per news report, CZI along with a clutch of US-based tech-focused funds to invest nearly $80 Mn at a valuation of $800 Mn to $850 Mn. The company is planning to use it to expand to more countries, improve product functions, and make selective acquisitions.
Before this, after raising $40 Mn in Series C round led by Sequoia Capital India, the company was valued at $400 Mn last January. The round also saw participation from existing investor Bertelsmann India Investments.
The company was planning to use the Series C fundraise to increase its course offerings in technical subjects such as data science, machine learning, blockchain and cybersecurity. It also planned to expand its language offerings to include Portuguese and Mandarin, in addition to English and Spanish. Its investors also include Innoven Capital, which is the venture debt arm of Singapore state investment firm Temasek.
Founded in 2010 by Chaitanya Kalipatnapu and Ashwin Damera, Eruditus provides executive education programmes in association with global business schools such as MIT, Columbia, Harvard Business School, INSEAD, Tuck at Dartmouth, Wharton, UC Berkeley and London Business School. These programs are held for six to eight months and can be available via on campus, off campus and online modes.
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