Eruditus and Emeritus Founder Ashwin Damera invests US$32 million in InnoVen Capital India Fund

• ByStartupStory     |    April 21, 2022

Ashwin Damera, founder and the chief executive officer (CEO) of the ed-tech unicorn, Eruditus, has made an investment of US$32 million (INR 240 Cr.) in the Asian venture debt and speciality finance platform, Innoven Capital India Fund.

The investment was made via Damera Ventures, Damera’s family office, which is managed both by Ashwin Damera and his wife Bhagyashree Damera. 

Founded in 2010 by Ashwin Damera and Chaitanya Kalipatnapu, the Singapore-based ed-tech firm, the Eruditus group, consists of Eruditus Executive Education and its online education platform, Emeritus. The startup has forged partnerships with over 50 top-tier universities all round the globe to bring world class education to a global audience. 

In August last year, it raised $650 million in its Series E funding Softbank, Vision Fund 2, Prosus, Accel, Sequoia, Bertelsmann, and the Chan Zuckerberg initiative and entered the unicorn club.

The Temasek Holdings-backed InnoVen Capital India Fund is India’s leading venture debt fund. The fund has a target corpus of Rs 1,000 crore with a green shoe option to raise an additional Rs 1,000 crore.  

Ashwin Damera, CEO and founder, Eruditus, stated that he had known Innoven Capital India Fund for years and had a strong appreciation for the portfolio they have built. 

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