ERUDITUS VALUATION

Happy Monday! Ecommerce major Flipkart is in discussions to shift its domicile from Singapore to India. This scoop and more in today’s ETtech Morning Dispatch.

Increasing number of large startups across sectors looking to shift from US, Singapore

GSV Ventures has backed Indian edtech unicorns including Eruditus, Lead, PhysicsWallah as well as startups like Classplus. Deborah Quazzo also spoke about the lack of equilibrium between edtech founders and investors on valuations, which is delaying...

Edtech unicorn Eruditus is planning a shift in domicile from Singapore to India, or reverse flipping, and joins the growing list of Indian internet firms — Pine Labs, Udaan, Razorpay and Groww, among others. Eruditus is evaluating a listing on the d...

Indian IT majors are eyeing upcoming US federal contracts as several large deals are set for renewal in the next two quarters. While it is still challenging for Indian companies to win these contracts, there is a more positive attitude towards India...

Makkar's message to Eruditus was unequivocal: "To unlock real growth and scalability, you need to embrace the online realm," shared Ashwin Damera, CEO and Co-founder of Eruditus.“The feedback you gave us was very valid, and very constructive, which ...

In its April-June quarterly report, Baron Capital cut the valuation of Byju’s to $11.7 billion as of June 30, down 44.6% from $21.2 billion as of March 31.

US-based asset management firm Baron Capital has marked up the valuation of Swiggy and Pine Labs while slashing the valuation of edtech major Byju’s by almost half. This comes at a time when several Indian startups have faced valuation markdowns in ...

The froth of the low-interest rate regime hasn’t fully been washed away and the startup ecosystem is likely to see valuations drop further, especially as companies at the end of their runways come back for more funding, said the Prosus boss.

​​Prosus, which has backed companies such as Byju’s, PharmEasy and Eruditus, holds a 33% stake in Bengaluru-based Swiggy.

On Tuesday, BlackRock further marked down the valuation of edtech firm Byju’s, while Fidelity Investments slashed Meesho’s valuation by 10%. This and more in today’s ETtech Top 5.

Notably, Fidelity’s funds had valued Meesho at $4.98 billion as of December 2022. Prior to that, as of September 2022, the investor had ascribed a valuation of $4.29 billion to Meesho.

The markdown has translated to a valuation of about $2.9 billion as of March 31, 2023, a drop from $3.2 billion in August 2021, a price at which the Mumbai-based startup had last raised equity-based capital from investors.

Reliance Industries’ online fashion platform Ajio will launch Ajio Street — a zero-commission fashion marketplace aimed at value products for non-metro audiences, similar to ecommerce firm Meesho.

Vaz, who had joined Swiggy as its head of engineering and data science, was promoted to the CTO post in 2020 after Rahul Jaimini, who cofounded Swiggy with chief executive Sriharsha Majety and Nandan Reddy in 2014, exited the company.

In the financial year ending FY21, Eruditus had reported a cash loss of $31 million, filings reviewed by ET showed. The Mumbai-based edtech unicorn’s total net loss swelled by 46% to $386.82 million, including exceptional items, the filings showed.

Eruditus Group owns Eruditus Executive Education and Emeritus. Eruditus partners with over 50 universities such as MIT, Columbia, Harvard, and Cambridge to offer executive education. It employs close to 2,300 employees in India and globally.

Eruditus is said to be already in the final stages of closing a $250 million acquisition in Europe, of a company that largely offers online certificate courses to non-English speakers. Damera did not disclose the name of the company.

Eruditus’ mammoth funding has made it a unicorn, thrice over. Twitter locks Congress accounts days after complying with India IT rules. A bipartisan trio of US senators have sponsored a bill to rein in Apple’s App Store and Google’s Play Store.