Edtech unicorn Eruditus has raised up to $150 million in a refinancing deal led by Mars Growth Capital, a joint venture between Liquidity and Japan’s MUFG Bank, with participation from HSBC.
Funding Snapshot
- Amount: $150M (includes $130M initial + $20M scale-up option)
- Lead Investors: Mars Growth Capital (up to $100M)
- Other Participants: HSBC ($50M)
- Structure: Refinancing deal, not fresh equity
Scaling Global Learning
Founded by Ashwin Damera, Eruditus partners with 80+ universities, including MIT, Harvard, Wharton, INSEAD, and Cambridge, offering 700+ professional learning programs to over 1 million learners in 80+ countries.
The new capital will provide financial flexibility to support international expansion and operational scaling, reinforcing Eruditus’ long-term vision of profitable growth.
Momentum in Tough Times
The deal comes at a critical time for India’s edtech sector, which has seen funding nearly dry up in 2025. So far this year, startups in the space have raised just $118M across 22 deals, with zero deals in August.
Despite the slowdown, Eruditus has shown operational resilience. In FY24, it posted 12% revenue growth (Rs 3,733 crore) while reducing EBITDA losses by 83% to Rs 69 crore. The company’s ability to balance scale and profitability positions it uniquely among edtech peers.
Founders’ Edge
CEO and co-founder Ashwin Damera emphasized that the refinancing isn’t just about liquidity but about forging long-term strategic partnerships. With Mars Growth and Liquidity, the focus shifts to sustainable expansion—a critical differentiator in a sector still searching for stability post-pandemic.
Market Watch
Eruditus’ move comes as fellow unicorn PhysicsWallah preps for a Rs 3,820 crore IPO, having recently raised $210M. With global players focusing on hybrid and professional learning markets, the edtech sector may see refinancing emerge as a key growth lever.
Final Take
Eruditus’ $150M refinancing highlights a strategic shift from capital-hungry growth to sustainable scale. In a funding winter, the company’s ability to secure long-term financial partners reflects maturity, trust, and global confidence in India’s edtech story.
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