• Emeritus, an EdTech startup and subsidiary of Eruditus, raised USD 350 million in debt financing from Canada Pension Plan Investment Board (CPPIB), bringing its total funding to more than USD 1 billion in a mix of debt and equity. 

• The company intends to use the funds to expand its global presence via M&A. 

• Earlier this year, in January, the company announced plans to invest up to USD 1 billion for expansion through M&A in 2022. Alongside its growth strategy, the company expects to become profitable by FY2023.

• Eruditus also reported growth of 120% YoY in FY2022, with organic growth of 2.5x. The company estimates gross bookings of USD 500 million in FY2023 and expects its list of potential acquisitions to contribute up to 30% of Eruditus’ revenue and EBITDA in the next five years.

<ul><li> Analyst QuickTake : Over the past two years, accelerated demand for EdTech firms led by the COVID-19 pandemic resulted in many companies raising funds at high valuations—India has reportedly created six unicorns in the EdTech space since 2021. Accordingly, it was reported that five Indian EdTech unicorns combined invested up to USD 3 billion to acquire 21 companies in 2021. Eruditus achieved unicorn status in August 2021, when it raised USD 650 million in Series E funding and follows in the footsteps of other EdTech unicorns in adopting an M&A-led growth strategy. The company entered the K-12 space in May 2021, when it acquired iD Tech, a platform for STEM education.</ul>