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Eruditus' journey: From being rejected by 20 investors to becoming a unicorn

Money ControlMoney Control · 1y ago
Eruditus' journey: From being rejected by 20 investors to becoming a unicorn
Medial

Watch the full podcast by clicking on source button below. Founded by Ashwin Damera and Chaitanya Kalipatnapu in 2010, executive education startup Eruditus started out with offline classes with faculty from Europe’s INSEAD and the Indian Institute of Management (Ahmedabad), teaching a 10-day classroom programme in a 5-star hotel for 10-15 people, mostly working professionals. From 2015 onwards, it started an online teaching model and raised venture capital from investors such as Bertelsmann and Sequoia Capital India. Today, Eruditus and Emeritus, its online wing, make Ivy League education accessible and affordable to those who seek it, having tied up with the likes of MIT, Harvard, Columbia, Berkeley and INSEAD. In this episode of Bits to Billions, second-time entrepreneur Ashwin Damera spoke about the state of ed tech in India, how the idea of Eruditus came about, the initial struggle and his plans to give back to the ecosystem through Damera Ventures.

Zolostays sells college accommodation biz to Good Host Spaces for Rs 108 Cr

EntrackrEntrackr · 4m ago
Zolostays sells college accommodation biz to Good Host Spaces for Rs 108 Cr
Medial

In October 2023, Alta Capital is said to have acquired the entire 100% stake held by Goldman Sachs and Warburg Pincus in Good Host Spaces for a reported $320 million. Co-living and home rental startup Zolostays has sold its student housing business, which manages accommodation for colleges and universities, to Good Host Spaces, as part of the firm’s move to focus on its core offerings. The board of Zolo Stays has approved a special resolution to sell the undertaking through a slump sale valued at Rs 107.8 crore (approximately $12.5 million), according to regulatory filings sourced from the Registrar of Companies. Of the total consideration of Rs 107.8 crore, Rs 97.02 crore (90%) will be paid in cash, while the remaining Rs 10.78 crore will be settled through debentures issued by Good Host Spaces to Zolo Stays. Good Host Spaces owns and operates third-party, purpose-built student accommodations located within leading university campuses such as Manipal University, OP Jindal Global University, and Shoolini University. “The sale will enable the company to focus on its core business operations and pursue growth opportunities in those areas. The lump sum consideration will improve the company’s liquidity position and strengthen its balance sheet,” the company added in the filings. Zolostays also raised Rs 20 crore debt by issuing non-convertible debentures to VentureSoul Managers India LLP for business expansion, meeting working capital and others, a separate resolution shows. Zolostays has secured over $110 million in funding to date, including a $56 million Series C round led by Investcorp and Mirae Asset. According to the startup data intelligence platform TheKredible, Nexus Ventures is the largest external stakeholder, followed by Investcorp and Mirae Asset. Zolo Stays recorded an 11.4% year-on-year growth in revenue to Rs 204.4 crore during the fiscal year ended March 2024, while its losses narrowed by 17.4% to Rs 57 crore in the same period. The sale is an interesting development in the segment, where Good Host Spaces has stolen a march over competition in more ways than one. From funding to significant tie-ups with fast-expanding University campuses, it has built a strong business that might have convinced existing ZoloStays stakeholders to opt out. The distinct approaches taken by the acquired and the acquirer, in terms of offering independent PG accommodation versus captive campuses, is a good indicator of where the market has shifted, and it should be interesting to see how GHS handles the acquired business now.

Men’s ethnicwear brand Kisah secures Rs 13 Cr to expand offline and D2C biz

EntrackrEntrackr · 2m ago
Men’s ethnicwear brand Kisah secures Rs 13 Cr to expand offline and D2C biz
Medial

Men’s ethnicwear brand Kisah secures Rs 13 Cr to expand offline and D2C biz Co-founded in 2018 by Yash Sarawagi and Yashwi Ladasaria, Kisah offers high-fashion ethnicwear for Gen Z and millennials at accessible prices. Men’s ethnicwear brand Kisah Apparels has raised Rs 13 crore (1.52 million) in a pre-Series A funding round led by Wow! Momo founder Sagar Daryani, along with participation from Apoorv Salarpuria, Rahul Todi, Vinod Dugar, and Inflection Point Ventures. The proceeds will be utilized towards expanding its offline presence, scaling up direct-to-consumer (D2C) operations, and investing in brand-building, Kisah said in a press release. The Kolkata-based brand began with a marketplace-first model and is now evolving into an omnichannel brand. It currently operates two offline retail stores, with three more outlets planned across key Indian cities. “E-commerce gave us pan-India reach and deep customer insights, which are now fueling our D2C and offline growth—backed by data, customer pull, and positive cash flow at the company level,” said Yash Sarawagi, co-founder and CEO of Kisah Apparels. Kisah added that it has built internal systems to analyze data from its marketplace and D2C operations, which inform product design, sourcing decisions, supply chain efficiency, and marketing campaigns. The brand claims to have grown from Rs 40–45 crore to a run rate of over Rs 100 crore, with positive operating cash flow and PAT.

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