Mumbai-based edtech unicorn Emeritus has raised $350 million in debt financing from Canada Pension Plan Investment Board (CPP Investments) through its subsidiary CPPIB Credit Investments Inc.
As per the edtech startup, the latest funding will be used to fuel mergers and acquisitions as part of a robust global growth strategy.
Emeritus | Online Certificates And Programs
Founded by Chaitanya Kalipatnapu and Ashwin Damera in 2015, Emeritus, part of Eruditus Group, is a global platform in making quality education accessible and affordable to individuals, companies, and governments around the world.
The startup has more than 2,200 employees globally and offices in Mumbai, New Delhi, Singapore, Shanghai, Palo Alto, New York, Boston, Mexico City, London, and Dubai.
Speaking about the development, Ashwin Damera, Co-founder and CEO of Emeritus and Eruditus, said,
“Emeritus will expand our mission of making education accessible around the world by deepening our investment in the education space to reach different segments and audiences. Our acquisition pipeline will enable us to accelerate growth, impact more learners, and improve our profitability.”
As per the startup, it will also accelerate growth through inorganic initiatives as the company continues to grow 2.5x organically.
In May 2021, Eruditus acquired Silicon Valley-based edtech startup iD Tech in a cash deal for $200 Mn. In the next five years, the pipeline of potential acquisitions by Emeritus is expected to contribute up to 30% of its top-line and EBITDA.
Emeritus is backed by notable VC firms like Accel, GSV, Prosus, Sequoia Capital India, the Chan Zuckerberg Initiative, Leeds Illuminate, SoftBank Vision Fund 2, Bertelsmann, and Chimera.
As per the edtech unicorn, with a year-on-year growth rate of 120%, it estimates gross bookings of $500 million for the financial year.
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