India gets fourth edtech unicorn
Higher education startup Eruditus is the latest to enter the unicorn club with a valuation of $3.2 billion, following its latest $650 million Series E round. It became India’s fourth edtech unicorn and the 23rd startup to cross the $1 billion valuation mark this year.
Founded in 2010, the Mumbai-headquartered startup offers professional courses and executive programmes in partnership with leading universities. It has 2.5 lakh users across 80+ countries.
The Series E round was led by Accel and SoftBank Vision Fund 2, along with participation from existing investors — Chan Zuckerberg Initiative, Sequoia India, Bertelsmann, Prosus, and Leeds Illuminate.
The latest funding round has resulted in a massive jump in valuation for Eruditus. It was valued at around $700 million in its Series D round a year ago.
Between January and August, edtech has been among the top three funded sectors, inviting over $1.9 billion in capital across 80 deals, according to YourStory Research. That number is steadily growing. The sector's unicorn count has also doubled this week, with upGrad ($1.2 billion) joining the covered club, along with Eruditus.
Meanwhile, soonicorn Vedantu, which was valued at $600 million in its last fundraise in July 2020, could be next. It is reportedly seeking a $1 billion valuation in its next fundraise.
Masoom Minawala Mehta is one of the foremost influencers in fashion. She started blogging in 2010 as Miss Style Fiesta, and eventually went on to become one of the most prominent fashion icons of India. She represented India at the prestigious Cannes Film Festival 2021.
Masoom focuses on making digital content that educates, inspires, helps, or entertains the audience.
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Sajith Pai, Director, Blume Ventures
“COVID-19 brought edtech ahead by two to three years. Some early-stage startups got pandemic market-fit. MAUs became DAUs in three months, which is crazy. Capital has come in and capital is chasing the winners. Market leaders are getting a disproportionate premium.”