Zuckerberg Initiative will be joined by US-based technology funds to invest about $80 million in Eruditus.

The Chan Zuckerberg Initiative, which is headed by Facebook CEO Mark Zuckerberg and his wife Priscilla Chan, is in talks to invest in the Indian online learning startup Eruditus, according to the trusted sources.

It was founded in 2010 by Chaitanya Kalipatnapu and Ashwin Damera. Eruditus basically offers management programmes and also short courses. It also has tie-ups with many foreign universities, including Columbia University, Harvard Business School, Massachusetts Institute of Technology.

Its major subject areas includes data science, leadership and management, digital transformation, banking and finance.

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“Eruditus has been growing well and has been a real revenue business from Day 1. COVID has only boosted their business thesis. A well-known firm like CZI coming in indicates their long term view on the business and sector” said a person close to the company, requesting anonymity.

CZI further will be joined by other US-based technology funds, investing about $80 million at a valuation of $800-850 million, as per the reports. This is double the $400 million it was valued at in January 2019 when it raised $40 million led by Sequoia Capital India.

Eruditus has planed to make use of the funds to expand to other countries, improve their product functioning, and make selective acquisitions, sources told.

Before, CZI also invested in Byju’s, there it invested an undisclosed amount in 2016. This time it would be their second investment in an Asian startup. Though, it is an investor in many of the online education companies globally.

Eruditus, mainly, focuses on a segment where basically the revenue per user is high. At least a few thousand dollars. It includes users across the world, from major developed markets such as the Europe and US to newer markets such as Latin America. This broader base can assist it grow even after the pandemic subsides.