Eruditus‚ an Indian educational technology company‚ has gotten $150 million in new funding. This Series F round was led by TPG a private equity firm with other investors like Softbank‚ Leeds Illuminate‚ Accel‚ CPP Investments and Chan Zuckerberg Initiative joining in. The companyʼs value is now $3 billion
Ashwin Damera‚ the co-founder and CEO‚ shared the companys plans. They want to make AI tools for teaching‚ sell courses to businesses and focus more on India. He said “Today India for us is about 28% of our overall business‚ and over the next five years‚ I would love to see India be at least 50% of what we do“
The Indian edtech world is having a hard time. Companies in this field have only raised $419 million this year – a big drop from the $5.37 billion raised in 2021. Physics Wallah (another edtech company) raised $210 million last month
After getting this money‚ Eruditus will start moving its main office to India from Singapore. This is because its easier to go public in India. Many startups are doing this too. Companies in India have raised over $9 billion through IPOs this year‚ which is more than the $7.42 billion raised last year
But Damera didnt say when they might go public. He explained‚ “We have to ask ourselves whats the right time for us as a company (for an IPO)‚ we just have a new investor. Weʼll have a discussion‚ were not dying to go public right away. We still have a lot of things to build and do“