Eruditus, an online education company, has received $350 million in debt from Canada Pension Plan Investment Board, a worldwide asset management firm, mostly to fund mergers and acquisitions.
According to persons familiar with the situation, Eruditus, which partners with prestigious universities like as Columbia, INSEAD, and others to provide executive education and MBAs, aims to make purchases worth a billion dollars in the next year or two.
According to reports, the company has gross bookings of $500 million for FY22, which is up 2.5 times year over year.
CPP Investment Board is an existing equity investor in Eruditus, having invested $650 million in the company’s $3.2 billion fundraising round last year.
The agreement will be implemented “by increasing our investment in the education space to reach additional segments and audiences, we will be able to further our aim of making education accessible across the world. Our acquisition pipeline will allow us to develop faster, reach more students, and increase profitability “Ashwin Damera, co-founder and CEO, stated.
Eruditus paid $200 million for iD Tech, a coding, game creation, and short-term education company for kids, in May of last year.
Sequoia India, Accel, Prosus (Naspers), SoftBank, and the Chan Zuckerberg Initiative are among Eruditus’ other investors.