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Eruditus Closes $350 Million Debt from CPPIB

Eruditus has sealed a $350 million debt financing from Canada Pension Plan Investment Board (CPPIB) to fund its acquisition plans in overseas markets. The company has been in discussions for strategic acquisitions and plans to use $1 billion for the same, co-founder Ashwin Damera said.

The debt capital will be utilised for acquisitions in Europe and the US, as the company wants to increase its gross annual bookings by 90 per cent to around $950 million by the fiscal year 2023. The debt from CPPIB is a five-year credit with a bullet payment of the amount at the end of the tenure without any interest, Damera said. “We are expecting about $700-750 million in gross bookings for next financial year and inorganic bets will play important role-in terms of contributions,” he added.

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