Two tech-focused companies, Eruditus and Simplismart, have raised significant funds to grow their services in education technology and AI-powered software.
Eruditus, a global edtech unicorn, has raised $150 million in a Series F round. TPG’s The Rise Fund led the round, with participation from Softbank Vision Fund 2, Leeds Illuminate, Accel, CPP Investments, and the Chan Zuckerberg Initiative. This is Eruditus’s first equity raise in over three years. Previously, it raised $350 million in debt in March 2022.
Founded in Mumbai, Eruditus works with over 80 universities. It offers online courses, degrees, and professional certificates. The new funds will help Eruditus invest in AI technology, enhance learner experience, and expand services for governments and enterprises. The company also plans to make new acquisitions to fuel growth.
Eruditus has reached more than 1 million learners in over 80 countries. It operates in markets like the US, Europe, and Asia. In FY23, Eruditus’s revenue increased 70.39% to Rs 3,343 crore. It also reduced losses by 66% to Rs 1,049 crore. The funding comes at a time when edtech investments are slowing, with only $310 million raised across 30 deals in 2024 so far.
Simplismart, a SaaS startup from Bengaluru, has raised $7 million in a Series A round. The round was led by Accel, with support from Shastra VC, Titan Capital, and other investors. The company's valuation is estimated at $35 million.
Founded in 2022 by Amritanshu Jain and Devansh Ghatak, Simplismart provides a no-code machine learning platform. This platform allows businesses to train custom AI models without needing to write code. The new funds will be used to boost R&D and accelerate growth. Simplismart aims to make AI adoption easier for companies with a cost-effective and high-performance platform.
The startup addresses challenges like high costs, poor ROI, and data privacy in AI deployment. It was also selected for the AWS ML Elevate program, which supports generative AI startups in India.