Edtech Unicorn Eruditus To Close FY24 At Rs 4,250 Crore

Eruditus, India's second largest edtech in terms of revenue, is on track to grow 25-30% for the current fiscal, while turning operationally profitable after about seven years.

"Over the previous year, we've grown about 75% and we are on track to grow by at least 30% and at an Ebitda margin of 6%. The core of our business is very strong and the business model of providing high quality education access that affordable is ever strong," Chaitanya Kalipatnapu, co-founder and director at Eruditus Executive Education, told NDTV Profit on the sidelines of the ASU+GSV and Emeritus Summit in Gurugram.

Eruditus is domiciled in Singapore, causing its financial year to run from July to June.

"For the current fiscal, in the last October-December quarter, we have clocked 4% in terms of Ebitda. We're looking at closing this particular fiscal at upwards of Rs 4,250 crore, which would be about 25% in terms of growth but on a full-year basis, we are looking to be profitable at 6%, and we're looking to build on top of that for the subsequent fiscals," Kalipatnapu said.

In March last year, the government-led The International Financial Services Centres Authority had set up an expert committee to help Indian startups legally based outside the country to return to India.

The committee is chaired by G Padmanabhan, former executive director of the Reserve Bank of India, and is working to identify measures needed to make the Gujarat International Finance Tech-City the preferred location for these startups.

Eruditus, too, has been in talks with stakeholders for a potential India IPO, though Kalipatnapu denied any concrete talks at the moment. "Right now, there are no specific plans, but as a responsible company, in terms of providing an exit, we are looking at various options. But at this stage, there's nothing zeroed in terms of changing the domicile," he said.

On the Byju's crisis, Kalipatnapu said every sector has its ups and downs and there's a lot of turbulence because of external factors and internal factors.

"We see that in terms of the need for upskilling and reskilling that needs to be done not just in India but at a global scale. I think there's extremely good headroom and addressable market. That's out there so we feel quite buoyant as well as optimistic," he said.