SoftBank-backed Eruditus secures $350 mn debt funding for M&As
Live MintMUMBAI: Edtech unicorn Eruditus Education Pvt Ltd on Tuesday said it has raised $350 million, or about ₹2,696 crore, in debt capital from Canada Pension Plan Investment Board’s credit arm to invest in mergers and acquisitions to expand its global footprint. CPP Investments had also participated in Eruditus’s $650 million funding round in August last year, which had pushed edtech to the coveted unicorn club, valuing the company at $3.2 billion. Valuations of technology companies, especially the new-age tech companies that got listed last year including Zomato, Nykaa’s parent FSN E-Commerce, Paytm’s parent One97 Communications, among others, have fallen to multi-month lows. In December last year, VCCircle reported that the five edtech unicorns as of 2021--Byju's, owned and operated by Think and Learn Pvt Ltd; Unacademy, owned and operated by Sorting Hat Technologies Pvt Ltd; Vedantu Innovations Pvt Ltd; and upGrad Education Pvt Ltd--had invested about $3 billion in acquisitions in 2021 alone.
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