Education startup Eruditus has raised $113 million in a Series C funding round, as the company continues to provide universities with online learning options amid the COVID-19 pandemic.
The round was led by US venture capital firm Leeds Illuminate and South Africa’s Prosus Ventures. The Chan Zuckerberg Initiative, a philanthropic organization led by Facebook chief Mark Zuckerberg and wife Priscilla Chan, also took part. Sequoia India and Ved Capital also provided cash to the India-founded company that began in 2010.
The round brings Eruditus’ value up to around $800m, as it strives to become one of the world’s leading edutech startups. With offices in India, China, Dubai and Singapore, the firm already has a firm footprint in Asia. It has partnered with over 30 universities to date, including Columbia, Harvard and UC Berkeley.
Now, amid a global pandemic, it wants to go global.
“Covid-19 is dramatically accelerating change across higher education,” says Eruditus co-founder and CEO Ashwin Damera. “We are engaging more deeply with universities worldwide to help them expand their online portfolio and global footprint.”
Coronavirus has prompted school closures in 188 nations. Seventy-three percent of countries reporting to a UNICEF survey are delivering education via online platforms.
Within a year, online solutions that were once niche are now the norm. Chinese edutech firm Byju has seen its valuation soar to over $10bn, while India’s Vedantu is now worth $600m. “We haven’t seen 3-5 times growth like others because we do a paid product and our price points are higher, but we’re doubling,” Damera told the Economic Times. “Last year, we did $100m in revenues, this year we will do $200 million.”