New Delhi, Aug 25 (PTI) : Online education firm Coursera has raised USD 49.5 million (about Rs 327 crore) in its third round of funding from New Enterprise Associates and Times Internet (TIL) among others.
The US-based company will use the proceeds to fund its growth, especially across international markets as it works to “address outsized demand for high quality, accessible learning in key markets including Latin America, China and India”.
Coursera hopes to garner a total of USD 60 million in the Series C round of funding that is expected close early in the fall, it said in a statement.
The company has raised USD 85 million in previous rounds from investors.
“Coursera will use the (new) funds to source new content, expand its global reach, and continue to improve the learning experience for people of all backgrounds,” it added.
The Series C financing is led by New Enterprise Associates (NEA), one of Coursera’s original investors.
Other investors include Kleiner Perkins Caufield & Byers (KPCB), International Finance Corporation (IFC), The Times of India group’s Times Internet, GSV Asset Management and Learn Capital.
“Coursera has made tremendous progress over the last year …We are excited to support the growth of this high-impact enterprise, which is transforming lives through access to the world’s best educational institutions,” NEA Managing General Partner and Coursera Board member Scott Sandell said.
Coursera said three-quarters of its learners are outside the US and emerging economies are its fastest growing markets.
The investment by Times Internet is a component of a major strategic partnership. Times Internet will provide marketing, advertising, and strategic support to build awareness of Coursera in India.
Founded in 2012, Coursera now offers 1,100 courses to nearly 15 million learners globally.
Coursera plans to more than double its specialisation offerings this fall by launching dozens more from top universities in the fields of business, technology, and data science.
The company said India is a key market for Coursera and it already has gained considerable momentum with over one million registered learners in the country.
In addition to partnerships with the top US universities like Yale University, University of Pennsylvania and Duke University, Coursera plans to partner with leading Indian universities and corporations to localise content and serve the huge demand in the country for accessible credentials in the globally competitive fields of business and technology.