Eruditus Edu raises Rs 16 cr Venture Debt from InnoVen Capital
A Mumbai based firm Eruditus Executive Education has raised Rs 16 crores as venture debt from Asia’s leading venture debt and speciality lending firm – InnoVen Capital. Eruditus Executive Education offers global executive education programmes from some of the top global universities. The company will be using the funds for introducing new programmes to its portfolio and efficient business scaling. Many Edu-Tech ventures have been funded by InnoVen Capital in the past like Byju’s and Embibe. InnoVen is a pan-Asian venture debt platform providing debt financing to high growth and innovative tech start-ups and has provided over 175 loans to more than 125 start-ups across India and Southeast Asia.
The company was founded by Ashwin Damera & Chaitanya Kalipatnapu in 2010 and offers professional and management development programmes to corporations and professionals from India, Singapore, Dubai and other locations across the globe. The company has charted out collaborations with the executive arms of leading B-schools such as INSEAD, Harvard Business School, MIT Sloan School of Management, Columbia Business School, Wharton School (University of Pennsylvania) and are also involved with the renowned faculty members in order to implement these programmes.
The courses which have been designed to be offered are all-inclusive, ranging from general management to niche skill courses like Data Science, Fintech, Digital Business, etc. Some of these courses are a combination of on-campus and off-campus learning whereas some of the courses are fully online. 28 courses are being currently offered by Eruditus which they plan to increase to 52 by next year. Unlike other MOOC’s which have a meagre course completion rate of 5% to 10 %, Eruditus has an impressive course completion rate of more than 80%. It has raised ~$8.2 million in funding from Bertelsmann India Investments.
Ashwin Damera, Co-founder, Eruditus has said that they are excited to collaborate with Innoven in order to raise venture debt. Innoven’s team has always been very start-up supportive and able to give us a perfect solution for our growth needs. They will be using these funds to give impetus to their growth into international markets such as Latin America and South East Asia. They are planning to enrol 30,000 students in their courses this year which is a remarkable margin of growth, 300% from last year.
Ashish Sharma, CEO, InnoVen Capital echoed the same enthusiasm for this new collaboration saying that Eruditus has built a fantastic global franchise, collaborating with top global and Ivy League universities to deliver a unique mix of classroom, online and blended-learning education to professionals. He said that Eruditus is well settled to tap this opportunity.
InnoVen offers multiple debt capital solutions, including venture debt, acquisition finance, growth loans, and syndication. The previous clients which have been funded by InnoVen are Myntra, Yatra, Byju’s, Swiggy, Oyo Rooms, Firstcry, Pepperfry, Nestaway, Prizm Payments, Shaadi.com, Freecharge, Manthan Software, and Capillary Technologies in the past.
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