Bertelsmann has acquired a stake in Indian ed-tech company Eruditus Executive Education. The funding from Bertelsmann India Investments, worth $8m to Eruditus, will help the company to add new programmes with existing and new university partners and expand its global footprint in China, Latin America and Europe.
Founded by Kalipatnapu and Ashwin Damera in 2010, Eruditus Executive Education develops executive education programs in partnership with Ivy League universities, such as Columbia, Harvard, INSEAD, MIT, Tuck and Wharton, and currently markets and administers them in India, Southeast Asia and the Middle East. It has a team of 100 people based cross Singapore, Dubai, India and the United States, serving 5,000 students in 50 countries.
“Bertelsmann is a great partner given its global footprint, its expertise in education and its success in scaling business by working closely with the founding team. We look forward to working with them in building a great company,” said Ashwin Damera, co-founder Eruditus.
Bertelsmann refered to Eruditus as "a perfect fit for our 'growth regions' strategy", with the direct investment showing Bertelsmann strengthening its activities in India with strategic investment in the higher education sector. The Bertelsmann India Investments (BII) portfolio now consists of investments in 10 start-up companies with a focus on digital content, e-commerce services, fintech and higher education.
Shobhna Mohn, executive vice president for growth regions at Bertelsmann, said: “India is a market where we want to further strengthen our presence and education is a strategic growth segment for Bertelsmann. Accordingly, the investment in Eruditus is a perfect fit for our ‘growth regions’ strategy. Beyond Eruditus, Bertelsmann is already an active player in the Indian education market through its investments in iNurture, WizIQ and Udacity. This gives us a good basis for further expanding our presence in the higher-education sector globally.”
Pankaj Makkar, m.d. Bertelsmann India Investments, said: “Demand for high-quality educational services – particularly in the business sector – is growing fast in India and South East Asia. Eruditus meets this demand with classroom, online and blended-learning offers, thus giving more people access to global business education. Its partnership with top Ivy League universities guarantees highest quality standards. As Bertelsmann, we look forward to actively advancing the further development of Eruditus.”
Bertelsmann has been active in India since 2003.
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