Edtech startup Eruditus is a company that offers executive education programmes globally has raised $2.3 million in debt from Temasek-owned InnoVen Capital.
Eruditus teach about the latest innovations required for business and also design innovative courses that are relevant in the current professional scenario by collaborating with some of the best business schools and faculty who provide a complete 360-degree learning experience.
The Mumbai-based startup will deploy the fresh capital towards introducing new programmes to its portfolio and for further growth into international markets such as Latin America and South East Asia.
Eruditus offers online professional and management development programmes to corporations and individuals from Singapore, Dubai, Singapore and other overseas markets. The company was founded by Ashwin Damera and Chaitanya Kalipatnapu in 2010.
It focuses on courses like data science, fintech, digital business, and professional and management development programmes offered through both on-campus and online learning methods.
These courses are offered in partnership with top businesses schools like INSEAD, Harvard Business School, Wharton School (University of Pennsylvania), MIT Sloan School of Management.
Eruditus aims to enroll 30,000 students in the aforementioned courses this year with a 300 percent increase as compared to last year. It currently offers 28 courses and is planning to introduce 24 more courses by the next year.
Previously, it had raised $8 million in a series-B funding round from Bertelsmann India Investments.
InnoVen is a pan-Asian venture debt platform that promotes innovative technology-based start-ups by providing monetary loans to them. They have provided about 175 loans to more than 125 start-ups across India and Southeast Asia.
In 2017, the Temasek-backed debt financing firm had deployed $75 million in the startup ecosystem, through debt financing. It also added 22 new companies to its portfolio in that period, registering an annual growth of 25 percent.
Notable edtech companies such as BYJU and RIL-owned Embibe have been funded by InnoVen. Its other portfolio investments include Myntra, Yatra, Swiggy, Oyo Rooms and Firstcry.