Chaitanya Kalipatnapu and Ashwin Damera founded the Edtech startup Eruditus in 2010. The startup is currently evaluated at around $800 million and provides education programmes in collaboration with renounced global business schools. MIT, Harvard Business School, Columbia, INSEAD, Tuck at Dartmouth are some of these them.
At present, the CZI(Chan Zuckerberg initiative) that is a non-profit organisation, plans to invest $80 million in the company. The company will use the funding to expand its business to more countries and improve the existing services provided by them.
Edtech startup Eruditus: other fundings and revenue
The Edtech startup Eruditus raised $40 million in series C funding from Sequoia Capital India. Innovel Capital, a venture debt arm of Singapore, is also invested in the company. The company has some serious goals. Using the funding they received, they aimed to increase courses in all tech-subjects and even the languages they are available in.
They have been evaluated at $400 million last year. Therefore the growth they have achieved is phenomenal. According to the report by MoneyControl, the company has generated a revenue of $100 million in the FY till march 2020. And the COVID-19 pandemic has also increased their business.
Prospects for the Edtech Industry
The COVID-19 pandemic has already seriously hit the online Education market. It is experiencing a fast growth rate like never before. According to some reports, the market will be worth $1.96 billion by 2021. So, there is a definite growing potential for all startups in the industry of digitised learning.
Even other Edtech companies are emerging during this time. One such example is Edtech startup Lead School that raised $28 million in a Series C round. And even their growth rate is outstanding. It’s all about which startup provides the best value and services, will become the market leader.