Edtech firm Eruditus nears $450-mn SoftBank-led funding, valued at $3.2 bn

Indian education technology startup Eruditus is close to raising more than $450 million from investors led by SoftBank Group Corp. and Accel Partners, according to people familiar with the matter.
 

The latest round values the startup at about $3.2 billion and an announcement could come as soon as this week, the people said, asking not to be named as the information isn’t public. Some existing shareholders are also offloading about $200 million stake, the people added.

While talks are advanced, they could still be delayed or fall apart, the people said. A representative for SoftBank offered no comment, while representatives for Eruditus and Accel didn’t immediately respond to emails seeking comments.

India’s education startups are riding a surge in demand during the pandemic that’s buoyed Byju’s, the most valuable edtech company in the nation, and its smaller rivals. Global investors are stepping up their bets on the sector in the South Asian country after China reined in the segment in its local market.

--With assistance from Saritha Rai and Anto Antony.