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.
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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. 


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Before you go, stay inspired with… 

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.”

Sajith Pai, Director, Blume Ventures


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