Ed-tech startup Eruditus may receive funding from Chan Zuckerberg Initiative

Eruditus look to use these funds to expand to more countries, improve product functions, and make selective acquisitions, according to sources. CZI will be joined by a couple of other US-based technology funds.

The Chan Zuckerberg Initiative (CZI), is in advanced talks to invest in Indian online learning startup Eruditus. CZI is a non-profit headed by Facebook CEO Mark Zuckerberg and his wife Priscilla Chan.

According to a Moneycontrol source close to the company who requested anonymity said that Eruditus has been growing well and has been a real revenue business from Day 1. COVID has only boosted its business thesis. A well-known firm like CZI coming in indicates their long term view on the business and sector.

Eruditus was founded in 2010 by Chaitanya Kalipatnapu and Ashwin Damera. It offers management programs and short courses remotely.

It has tie-ups with foreign universities, including Columbia University, Massachusetts Institute of Technology and Harvard Business School. Leadership and management, data science, digital transformation, banking, and finance are some of its subject areas.

The sources say CZI will be joined by a couple of other US-based technology funds, investing about $80 million at a valuation of $800-850 million. This doubles the $400 million, valued in January 2019 when it raised $40 million led by Sequoia Capital India.

Eruditus plans to use the funds to expand to more countries, improve product functions, and make selective acquisitions, sources said. However, Eruditus and CZI did not respond to this subject.