Another day, another news of an Indian start-up witnessing a valuation slash. After PharmEasy and Swiggy, Singapore and Mumbai-headquartered start-up Eruditus has registered a valuation slash by the New York-based firm The Private Shares Fund. 

The late-stage investment focussed firm slashed the edtech company’s valuation by nine per cent to $2.9 billion as of March 31, 2023, from $3.2 billion in August 2021. 

The company raised its last equity-driven funding at a valuation of $3.2 billion. It bagged $650 million in a round led by SoftBank and Accel. According to a report by the Economic Times (ET), it was Accel’s largest investment in the edtech space at that time. 

In an attempt to provide a boost to its acquisition ambitions in the overseas markets, the company went on closing $350 million in debt financing from Canada Pension Plan Investment Board (CPPIB). 

The Private Shares Fund is an active investor in India. It has invested in multiple Indian start-ups like Udemy, Impossible Foods, Epic Games and Automation Anywhere. It pegged the fair value of Eruditus’s 36,264 shares at $4.66 million. 

The fund has also invested in the edtech sector. Its portfolio in the edtech sector includes Learneo, Masterclass and Udacity. 
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Prior to this, Indian start-ups PharmEasy and Swiggy witnessed incidents of valuation slash. Janus Henderson slashed the online pharmacy start-up’s valuation by 50 per cent. Swiggy, on the other hand, witnessed a valuation slash by Baron Capital.