Global edtech major Eruditus has raised up to $150 million through a refinancing round led by Mars Growth Capital, a joint venture between Liquidity and MUFG Bank, with additional participation from HSBC.
The deal comprises an initial $130 million facility and a $20 million scale-up option. Mars Growth Capital will contribute up to $100 million, while HSBC will provide $50 million. The financing is expected to fuel Eruditus’ global growth plans, enhance operational scale, and provide flexibility for sustainable expansion.
Founded by Ashwin Damera and Chaitanya Kalipatnapu, Eruditus collaborates with over 80 world-class universities including MIT, Harvard, INSEAD, Wharton, and Cambridge, offering more than 700 programs to a community of 1M+ learners across 80+ countries.
“The refinancing strengthens our ability to expand profitably worldwide,” said Ashwin Damera, Co-founder & CEO. “With MARS and Liquidity, we are aligned beyond capital—we share a vision for long-term growth and value creation.”
Eruditus previously raised $150 million in Series F funding led by TPG’s The Rise Fund in October 2024 and entered the unicorn club in 2021 after securing $650 million in equity financing.
Financially, the company reported FY24 revenues of ₹3,733 crore, narrowing its adjusted EBITDA loss by 83% to ₹69 crore ($8.3M). The FY25 financials are yet to be disclosed.
The fundraise comes at a time when edtech funding has slowed sharply, with Indian startups in the sector raising just $118 million across 22 deals in 2025, underscoring the significance of this large transaction.
By: Arushi Agarwal
