The Singapore headquartered, Indian educational technology startup, Emeritus is an online branch of Eruditus. It specializes in offering several diploma programs and certificate courses on topics like Digital, Leadership, Analytics, and Innovation. These programs are specially developed and prepared in collaboration with the top universities of the world.
The co-founders of this startup Ashwin Damera and Chaitanya Kalipatnapu established this organization that is committed to teaching the future skills of high-quality education that is accessible and affordable to individuals, businesses, and governments globally.
The 2015-founded global digital edtech startup, Emeritus has announced that it has raised $650 million in a new funding round of series E.
This new round’s capital has jounced up the valuation of the edtech company to $3.2 billion which was almost four times the previous year’s valuation.
This has also marked the place of Emeritus in the unicorn hub of US firms.
London-based venture capital firm SoftBank Vision Fund 2 and venture firm of Silicon Valley, Accel headed this financing round.
Some of the current investors of Emeritus include Sequoia India, Prosus, Leeds Illuminate, and Bertelsmann.
Emeritus’ Officials Take on this New Series and Their Company
In an interview with Tech in Asia, Co-Founder and CEO of Emeritus, Ashwin Damera said that M&A opportunities are the search of the company including the segments of business to business, new subject vertical, and all over the geographies.
After this funding round, Emeritus became the 2nd Indian edtech enterprise, which was invested by SoftBank and was poised to be an opportunity of US$30 billion in the coming 10 years.
Also, this new capital has made Emeritus the 23rd emerging Indian unicorn of 2021.
The dense streaming of the funds that have come to digital learning and online education technology, was the aftereffects of the pandemic.
Damera elucidated the nature of Emeritus by saying that it is similar to the edtech company of Silicon Valley, Coursera Inc. with the difference in class size, which is smaller in size but greater in interaction.
He further said that the bulk business of Emeritus is for alternative credential courses but technologies are also used by universities to offer degrees and partial degrees.
Thoughts on the Fresh Proceeds from this Funding Round
The company claims to deploy the new round’s proceeds in-
- Establishing more new courses
- Creating fresh and innovative products and verticals of the industry
- Expanding their government and enterprise dealing business
- Doubling down on fresh earthly markets
- Fund acquisition
- Also for the recent acquisition of $200 million by Emeritus, the STEM education player, iD Tech based in Silicon Valley, a platform for youth, to learn science and technology. This move has marked the expansion of the company into the K2 space.
For now, almost 250 professional programs were developed by Emeritus in partnership with over the top 50 universities of the world including Latin America, US, Europe, China, and India.
According to the company, 250,000 individuals from 80 countries have already received the courses offered by Emeritus.
Damera also clarified that the crackdown in China on online tutoring had also not impacted the company in any way.
SoftBank has been very much active in investing in edtech institutions as several other huge investments were also made by the venture firm which was extraordinarily notable like AI tutorial startup of South Korea, RidIng, and class tech Inc.
Conclusion
The high-quality, online learning platform Emeritus has raised $650 million in a series E round of funding that made the net valuation of the company $3.2 billion. The round was led by SoftBank and Accel. The edtech company aims to deploy the fresh capital in creating fresh and innovative products and verticals of industry, new courses, expanding their government and enterprise dealing business, and in their recent $ 200 million acquisition of silicon valley situated, iD Tech. They also want to widen their global footprint.
FAQs
Ans. Accel and SoftBank
Ans. $650M
Ans. $3.2M
Ans. Aswin Damera.
Ans. 2015
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