• MEYO

Facebook CEO fund may back Edutech Startup Eruditus at $850Mn valuation

The Chan Zuckerberg Initiative (CZI), a non-profit organisation headed by Facebook CEO Mark Zuckerberg and his wife Priscilla Chan, is reportedly in advance talks to invest in Mumbai-based edtech startup Eruditus. CZI along with a clutch of US-based tech-focused funds to invest nearly $80 Mn at a valuation of $800 Mn to $850 Mn. The company plans to use this funding to expand to more countries, improve product functions, and make selective acquisitions.

Eruditus provides executive education programmes in association with global business schools such as MIT, Columbia, Harvard Business School, INSEAD, Tuck at Dartmouth, Wharton, UC Berkeley and London Business School. These programs are held for six to eight months and can be available via on campus, off campus and online modes.Eruditus had recorded a revenue of $100 Mn in the financial year 2020, ending March. During the pandemic, the company has witnessed a growing demand of 30% quarter-on-quarter.