By Mars Growth Capital

Copyright indiatimes

SoftBank-backed executive education startup Eruditus has closed a refinancing deal of up to $150 million led by MARS Growth Capital, a joint venture between Liquidity and MUFG Bank, and HSBC. According to the startup, this consists of $130 million initial funding, with a $20 million scale-up option aimed at driving global growth and operational scaling.Mars Growth Capital will offer up to $100 million while the remainder, up to $50 million, will come from HSBC, it said on Thursday. “The refinancing reinforces our long-term growth strategy, giving us the financial flexibility to accelerate profitable expansion across international markets,” said Ashwin Damera, cofounder and chief executive at Eruditus. This round comes after a $150 million funding round last year in October at a flat valuation of $3.2 billion post-money, led by TPG Rise, an impact investment fund.The edtech unicorn’s revenue growth had slowed to 12% for its financial year ended June 30, 2024, but its operating loss narrowed to a sixth from the previous year. The company posted revenue of Rs 3,733 crore in FY24 against Rs 3,280 crore in FY23. Its loss before interest, taxes, depreciation and amortisation (Ebitda loss) narrowed to Rs 69 crore from Rs 417 crore in FY23.The company has partnerships with top global universities such as Harvard, Columbia and Massachusetts Institute of Technology, as well as Indian management institutions, including the Indian School of Business and Indian Institutes of Management.According to Eruditus, it has educated more than 1 million learners in over 80 countries. It is also looking to expand partnerships with top universities worldwide. The startup competes with the likes of Temasek-backed UpGrad, Byju’s-owned Great Learning and Blackstone-owned Simplilearn.Commenting on the investment, Ron Daniel, chief executive and board member of Liquidity and MARS Growth Capital, said, “By leveraging Liquidity’s technology and global financial strength, we are empowering Eruditus to accelerate their international trajectory and broaden their impact on lifelong learning for professionals worldwide.”