Eruditus and Emeritus founder invests $32 Million in InnoVen Capital India Fund.
Ashwin Damera, Founder & CEO at Eruditus and Emeritus has invested INR 240 Crores ($32 Million) in Asia’s leading venture debt and specialty finance platform, InnoVen Capital India Fund. The investment was made through Ashwin’s family office which is co-managed by Ashwin and his wife Bhagyashree Damera.
Ashwin co-founded Eruditus and Emeritus, a leading global Ed-Tech platform currently valued at $3.2 billion, following its $650 million Series E funding in 2021. It’s backed by marquee investors such as Softbank, Vision Fund 2, Prosus, Accel, Sequoia, Bertelsmann, and the Chan Zuckerberg initiative.
Ashwin Damera, Damera ventures, said, “I am delighted to invest in Innoven’s maiden venture debt fund. This investment is from my family office and will give us exposure to venture debt, which is a unique asset class. I have known Innoven for many years and have a strong appreciation for the strong franchise/portfolio they have built. As an entrepreneur, this investment also aligns with my goal of investing back into the venture ecosystem as the capital will eventually support many promising start-ups, as they scale up.”
Ashish Sharma, Managing Partner, InnoVen Capital India Fund, added, “We are excited to welcome Ashwin as a major investor in our fund. While we are raising capital from several classes of investors, it’s always special to have successful founders invest with us, as they bring value beyond capital. Over the last few years, the ecosystem has seen several founders generate some liquidity and many have allocated capital to venture debt, as part of their asset allocation.”
He further added, “We launched the India fund late last year and have already built a strong portfolio of 25 companies, including 7 unicorns. We expect to do our final close sometime next quarter.”
About Author
