Edtech startup Eruditus has raised Rs.53 Crore ($8 Million) of Series-B funding from Bertelsmann India. Previously the startup was backed by Legal firm S&R Associates.
The startup was found in 2010 and came to operations in 2012. Eruditus was founded by INSEAD alumnus Chaitanya Kalipatnapu and Harvard Business School alumnus Ashwin Damera. Eruditus provides world-class executive development programs to the Indian Corporations and participants, by partnering with top B-schools and faculty across the globe like INSEAD, Harvard Business School, Wharton, MIT Sloan and Columbia Business School.
Eruditus co-founder and Director Chaitanya Kalipatnapu commented “Bertelsmann is a great partner given its global footprint, its expertise in education and its success in scaling business by working closely with the founding team. Across offerings, we have 20 plus programmes. Over 5,000 have been taken into our programmes from over 50 countries. Our intention is how we can make it 15,000 or more by 2018. The popular courses on Eruditus are design thinking, personal leadership and digital business offerings from Emeritus; in addition to the blended programmes from MIT Sloan, INSEAD and Columbia.”
Eruditus will use the new funds to add new programmes to the existing and new university partners and looking to expand into the global market.
Bertelsmann India Investments (BII) is the strategic investment arm of Bertelsmann SE & Co. KGaA in India. They focus on early stage, as well as growth stage investment. The provide investments for startup in digital education, media and services sectors, which are developing new technologies, business models and visions of the future.
Pankaj Makkar, managing director at Bertelsmann India Investments said “Demand for high-quality educational services, particularly in the business sector, is growing fast in India and Southeast Asia. Eruditus meets this demand with classroom, online and blended-learning offers, giving more people access to global business education. Its collaboration with top Ivy League universities guarantees the highest quality.”
Edtech startups in the country have witnessed a proper growth in the startup ecosystem. The number of funding rounds has increased from 61 in 2015, to 68 as at end of November 2016. The value of rounds has increased from $119m in 2015 to $159m in 2016.