$150 million refinancing led by MARS Growth Capital and HSBC
Funds aimed at global growth and operational scaling
Partnerships with 80+ top universities across 80 countries
Softbank-backed edtech unicorn, Eruditus, on Thursday closed a refinancing of p to $150 million led by MARS Growth Capital, a joint ventured between Liquidity and Japan’s largest bank MUFG Bank. The $130 million initial funding, with a $20 million scale-up option, will support the start-up’s global growth and operational scaling.
The total fund is provided through a clubbed deal between Mars Growth Capital and HSBC. Mars will provide up to $100 million and the remaining of up to $50 million will come from HSBC, the company said in an official statement.
“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 Cofounder at Emeritus and Eruditus.
“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,” he added.
The edtech platform claims to have tie up with more than 80 top-tier universities, including institutions such as MIT, Harvard, Wharton, INSEAD, and the University of Cambridge, to deliver 700 professional learning programs to over 1 million learners across 80 countries.
Speaking on the transaction, Ron Daniel, CEO & Board Member of Liquidity and MARS Growth Capital said, “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.”
“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. This partnership exemplifies our strategy of forging long-term alliances with market leaders,” Daniel added.
The edtech unicorn’s revenue growth eased to 12% in the financial year 2024. Its revenue reached ₹3,733 crore compared to ₹3,280 crore in the previous year. However, the company made significant progress on the profitability front, with its EBITDA loss shrinking to ₹69 crore from ₹417 crore in FY23 — a reduction to nearly one-sixth of the prior year’s loss.
The start-up is also aiming to spread its global footprint by forging alliances with leading universities across the world. It faces competition from players such as UpGrad, supported by Temasek, Great Learning, backed by Byju’s, and Simplilearn, owned by Blackstone.
