New Delhi, Sept. 11 -- Edtech startup Eruditus, which counts SoftBank, TPG, and Canada Pension Plan Investment Board (CPPIB) amongst its investors, on Thursday said it has closed a refinancing deal worth up to $150 million (Rs 1,326 crore), led by MARS Growth Capital.
The transaction includes $130 million in initial funding, with an additional $20 million scale-up option, Eruditus said in a statement. The proceeds will support the company's international expansion and operational scaling
The capital will be provided through a joint arrangement between MARS Growth Capital and HSBC, both existing lenders, according to the statement. MARS Growth Capital will contribute up to $100 million, while HSBC will provide up to $50 million.
MARS Growth Capital is a joint venture between private credit firm Liquidity Group and Japan's MUFG Bank Ltd.
"We view MARS and Liquidity as long-term strategic partners, not just capital providers. Built on a foundation of trust and a shared vision, our relationship is focused on scaling together and driving sustainable, profitable growth," said Ashwin Damera, co-founder and CEO of Emeritus and Eruditus.
"The refinancing reinforces our long-term growth strategy, giving us the financial flexibility to accelerate profitable expansion across international markets," he added.
Eruditus last raised $150 million in September 2024 in an external funding round led by TPG's impact investment platform The Rise Fund. The round valued the company at around $3 billion. Previously, in August 2021, it had secured $650 million in a Series E round led by Accel and SoftBank.
Founded in 2010 by Damera, Eruditus partners with leading global universities, including MIT, Harvard, Wharton, Cambridge, and INSEAD to offer executive education programs to students in over 80 countries.
Its backers include the Chan Zuckerberg Initiative, Leeds Illuminate, Prosus Ventures, GSV Ventures, Peak XV, Bertelsmann, Accel, and CPP Investments.
Published by HT Digital Content Services with permission from VC Circle.