Eruditus, an Indian educational technology company has raised $150 million in a series F funding round, at a time when the investment environment in EdTech landscape has been subdued. 

The funding round was led by private equity firm TPG, while it also witnessed the participation of existing investors including Softbank Vision Fund 2, Leeds Illuminate, Accel, CPP Investments, and the Chan Zuckerberg Initiative, Eruditus said in a press statement. 

Investing in Artificial Intelligence

The company is expected to use this financial backing to invest in advanced technologies like artificial intelligence, enhance the learner experience, expand the business serving governments and enterprises, and strengthen investments in India and the wider Asia Pacific region. 

Eruditus added that the funding will also help the company accelerate future acquisitions and investments, as well as expand into strategic markets. 

"Today, India for us is about 28 percent of our overall business, and over the next five years, I would love to see India be at least 50per cent of what we do," Eruditus' CEO and co-founder Ashwin Damera told Reuters. 

This is the second-largest deal in the EdTech space in 2024, following the $210 million raised by another unicorn Physics Wallah. 

Indian EdTech companies have been witnessing a slowdown in investments this year. According to data from TheKredible, startups in this sector raised $310 million in the first nine months of this year, representing a decline of 32.4 percent compared to the same period in 2023. 

Eruditus: All You Need to Know

Eruditus currently operates in various key markets including the United States, Europe and Asia, with offices present in locations like Mumbai, New Delhi, Shanghai, Singapore, Palo Alto, Mexico City, New York, Boston, London, and Dubai.

According to the company's website, it has educated more than 1 million individuals across more than 80 countries. 

Additionally, Eruditus has partnered with more than 80 universities globally, offering a range of programs including short courses, degree programs, and professional certificates.