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Edtech firm Eruditus has raised USD 150 million (about Rs 1,324 crore) in refinancing led by MARS Growth Capital and HSBC to back its global expansion and operational scaling.
Mars Growth Capital will provide up to USD 100 million, while HSB will contribute up to USD 50 million, the company said.
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“The refinancing reinforces our long-term growth strategy, giving us the financial flexibility to accelerate profitable expansion across international markets,” said Ashwin Damera, cofounder and chief executive of Eruditus.
Ron Daniel, chief executive and board member of Liquidity and MARS Growth Capital, said, “By leveraging Liquidity’s technology and global financial strength, we are empowering Eruditus to accelerate their international trajectory and broaden their impact on lifelong learning for professionals worldwide.”
Eruditus collaborates with over 80 top universities, including MIT, Harvard, Wharton, INSEAD and Cambridge, offering 700+ professional learning programs to over a million learners in 80+ countries.
The company did not share the refinancing terms, but ET reported that the four-year-old $130 million debt, set to expire at the end of 2025, has been extended for another four years.
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Eruditus raised $150 million in a Series F round led by TPG’s The Rise Fund in October last year. It became a unicorn during its $650 million equity round in August 2021.
In FY24, the company’s revenue grew 12% to Rs 3,733 crore, while its adjusted EBITDA losses fell 83.45% to Rs 69 crore ($8.3 million). The FY25 annual report is yet to be filed.
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