Eruditus bags USD 150 mn in refinancing from MARS Growth Capital, HSBC

New Delhi, Sep 11 (PTI) Edtech platform Eruditus on Thursday said it has raised USD 150 million (about Rs 1,324 crore) in refinancing led by MARS Growth Capital and HSBC to support its global expansion and operational scaling.

Mars Growth Capital will provide up to USD USD 100 million and the remaining of up to USD 50 million will come from HSB, according to a company statement.

"Eruditus... (has) closed a refinancing of up to USD 150 million USD led by MARS Growth Capital, the joint venture between Liquidity and Japan's largest bank, MUFG Bank, Ltd. The USS 130 million USD initial funding, with a USD 20 million USD scale-up option, will support Eruditus' continued global growth and operational scaling.

"The total commitment of USD 150 million is provided through a clubbed deal between Mars Growth Capital and HSBC, existing lenders of the company," it said.

Eruditus works with over 80 leading universities like MIT, Harvard, Wharton, INSEAD, and Cambridge to offer more than 700 professional courses in 80+ countries.

Eruditus, parent of Emeritus, is also backed by TPG, Chan Zuckerberg Initiative, Prosus Ventures, and SoftBank Vision Fund.

"The refinancing reinforces our long-term growth strategy, giving us the financial flexibility to accelerate profitable expansion across international markets," said Ashwin Damera, CEO and Co-Founder at Emeritus and Eruditus. PTI ANK TRB