Eruditus team / Photo credit: Eruditus
Indian edtech firm Eruditus is moving its headquarters from Singapore to India for its upcoming IPO, Reuters reported.
Ashwin Damera, CEO of Eruditus, said that the Indian stock markets offer “much liquidity and capital,” making an IPO there more attractive. However, he added that the potential listing is at least two years away.
The move highlights a change in strategy among Indian businesses, the report noted. Initially, companies preferred Singapore for easy access to capital. Now, they see the benefits of listing in their home country, including a thriving domestic market, better access to capital, and favorable regulatory situations.
Eruditus is reported to have hired accounting company EY to handle the shift. The edtech firm is also likely assessing potential acquisitions to bolster its talent pool.
To date, Eruditus has raised US$585 million in capital, with prominent backers like SoftBank, Accel, and Prosus. For the financial year ending June 2023, it saw its revenue spike by 75%, bringing its income to 33.2 billion rupees (US$400 million).
See also: Misfires and failed bets: why school’s out for Zenius after 20 years
Currency converted from Indian rupee to US dollar: US$1 = 83 rupees.
Editing by Miguel Cordon and Jaclyn Tiu
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