Indian education technology startup Eruditus is close to raising more than $450 million from investors led by SoftBank Group Corp. and Accel Partners, as per people familiar with the matter.
The recent 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 further said.
While discussions are advanced, they could still be delayed or fall apart, the people said. A representative for SoftBank provided 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 throughout the pandemic that’s buoyed Byju’s, the most valuable edtech firm in the nation, and its smaller rivals. Global investors are stepping up their bets on the segment in the South Asian country after China reined in the sector in its local market.