Indian edtech firm Eruditus has closed a refinancing of up to $150 million led by MARS Growth Capital, the joint venture between Liquidity and Japan’s MUFG Bank.
The $130 million initial funding, with a $20 million scale-up option, will support Eruditus’ global growth and operational scaling, the company stated in a press release.
The total commitment is provided through a clubbed deal between Mars Growth Capital and HSBC, existing lenders of the company.
While Mars Growth Capital will provide up to $100 million, the remaining amount will come from HSBC.
Eruditus, which focuses on providing executive education to individuals, companies and governments, claims to have partnered with over 80 top-tier universities, including institutions such as MIT, Harvard, Wharton, INSEAD and the University of Cambridge.
“The refinancing reinforces our long-term growth strategy, giving us the financial flexibility to accelerate profitable expansion across international markets,” said Ashwin Damera, CEO and co-founder at Emeritus and Eruditus. “We view MARS and Liquidity as long-term strategic partners, not just capital providers.”
Meanwhile, Ron Daniel, CEO & Board Member of Liquidity and MARS Growth Capital, added: “The backing of up to $150 million comes on the heels of our strong momentum in APAC, serving as another example of our ability to bring flexible, scalable value across the region.”
The firm is said to have delivered over 700 professional learning programmes to more than 1 million learners in 80+ countries.
Eruditus, the parent company of Emeritus, is headquartered in Mumbai with a presence in the United States, Europe, Latin America, Southeast Asia, and China.
The company is backed by TPG, the Chan Zuckerberg Initiative, Leeds Illuminate, Prosus Ventures, GSV Ventures, Peak XV, Bertelsmann, Accel, CPP Investments, and SoftBank Vision Fund 2.
