In a move that’s reverberating across India’s edtech sector, Eruditus has closed a $150 million refinancing deal with Mars Growth Capital and HSBC — strengthening its balance sheet and doubling down on global growth.
When It Started: Humble Beginnings to EdTech Unicorn
- Founded in 2010 by Ashwin Damera and Chaitanya Kalipatnapu , Eruditus (parent to Emeritus) focused on high-quality executive education, partnering with top global universities.
- Their initial offerings were modest — professional certificate programs, upskilling for working executives. Over time, they scaled globally to serve learners in 80+ countries through university-partners like MIT, Harvard, Wharton, INSEAD etc.
- The growth wasn’t linear. There were years of investment, burns, and the standard edtech skeptics. Edtech’s hype-cycles had peaks and troughs, but Eruditus navigated carefully.
- Key Milestones & Struggles
Year
What Happened
Struggle / Risk
~2021
Raised $650 million in equity (led by Accel & SoftBank) at a valuation of ~$3.2 billion. Became a leading EdTech unicorn from India.
Big expectations. Investors wanted hypergrowth, but edtech regulation, delivery, quality concerns were real.
FY23
Revenue jumped ~75% to ~₹3,320-₹3,300+ crore. Losses still large, but narrowing.
Managing margin, balancing quality of faculty & university partnerships, scaling globally — these cost money.
Oct 2024
Raised $150 million Series F led by TPG’s The Rise Fund. Existing backers SoftBank, Accel, etc also participated. Valuation ~US$3.1-3.2B
EdTech funding environment was cooling; investor caution post-some high-profile failures. Raising was harder than earlier rounds.
Sep 2025
Refinancing deal: $130 million to refinance existing debt , plus $20 million line of credit , via Mars Growth Capital + HSBC.
Debt load and cost of capital were risks. Needed to strengthen financial flexibility and manage cash flows as growth continues.
Financials & Scale
- FY23 revenue: ~₹3,320-3,343 crore (~US$380-420M+ depending on exchange)
- Losses narrowed: EBITDA loss dropped to ~₹1,049 crore from much higher previous years.
- Employee strength: Over 1,750 employees globally. Offices across Mumbai, New Delhi, Singapore, New York, London, etc.
- Courses: With over 80 university partners , Eruditus delivers 700+ programs , some via executive education, governments & enterprise clients. Learners surpass 1 million globally.
Why This $150 Million Deal Matters
Refinancing, not just fundraising : It’s not just about raising new capital, but restructuring debt to ease burden and gain breathing room.
Confidence from lenders & investors : Mars Growth Capital & HSBC stepping in shows institutional faith in Eruditus’ model, even when many edtech players are under pressure.
Focus on profitability and sustainability : Revenue growth with narrowing losses (improving EBITDA) signals more discipline. Growth isn’t just about top line.
AI & enterprise expansion : Plan is to invest more in AI for learning, increase business from organizations, governments, and deepen presence in India/APAC.
What’s Next
Shift domicile from Singapore to India — for better regulatory alignment and IPO prospects.
Push to make India 50% of its business over next few years.
Acquire smaller players, invest in new offerings and AI to stay ahead.
Big Picture: Lessons for Founders & EdTech
Profitable growth matters more than just scale in tough funding climates.
Institutional credibility (university partners, delivery quality) builds trust that's hard to disrupt.
Diversification (enterprise + governments + personal learners) protects revenue streams.
Strategic use of debt + refinancing can help smooth out cash flow pressures when equity markets are volatile.
Final Thoughts
Eruditus isn’t just raising money; it's proving that an edtech startup built on strong academic partnerships, focus on profit, and global reach can thrive even when the air is thin. If you’re an edtech founder today, take note: discipline + vision + adaptability = staying power.
