After extended winter, signs of thaw in Indian edtech sector

After a prolonged winter, the Indian edtech sector seems to be witnessing some signs of a thaw.

- ARYAMAN GUPTA

The sector has received $608.8 million of funding across 68 deals in 2024 so far—153 percent more than the $240.9 million across 106 deals during the same period last year—according to data from market intelligence platform Tracxn.

The resurgence has been driven by large funding rounds, with investors writing larger cheques for companies emerging as market leaders and showing strong exit prospects through public markets and improved performance metrics.

No player other than Physics Wallah (PW), which doubled its valuation to $2.8 billion by raising $210 million, has increased its valuation significantly.

In October, executive education firm Eruditus raised $150 million in Series-F funding led by TPG's The Rise Fund to reach a valuation of $3.2 billion—slightly higher than the $2.9 billion it had secured in 2023. Similarly, upskilling and higher education firm UpGrad raised $60 million from Singapore's sovereign wealth fund Temasek at a flat valuation of $2.25 billion.