California-based online education company Coursera has raised a $49.5 million Series C funding round led by New Enterprise Associates with participation from other investors include Kleiner Perkins Caufield & Byers and International Finance Corporation. Times Internet Limited (TIL), which owns the Times of India and other media properties, also participated in this round.
Times Internet has entered into a strategic partnership with Coursera to assist their growth in India. Through this partnership, Times will provide operating, strategic, and marketing support, leveraging resources of The Times Group, Indian media company.
The company has also announced that it expects to raise an additional $10.5 million by this fall to bring its total series C funding to $60 million. The company has also revealed that GSV Asset Management and Learn Capital will participate in this second closing. The firm aims to utilize the raised funding to fuel its international growth as well as to source new content.
Founded in 2012, Coursera currently offers 1,100 courses to almost 15 million users. It provides open online education for everyone and partners with schools internationally like Yale University, Duke University, University of Edinburgh, as well as Indian School of Business (ISB) to offer hundreds of courses in topics from computer science to psychology and beyond. It is also working with firms like Google, Instagram, Qualcomm, Cisco, and Cisco.
The company has received $135 million funding to date.
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 US universities, such as Yale University, University of Pennsylvania, and Duke University, Coursera plans to partner with Indian universities and corporations to localize content and serve the huge demand in India for accessible credentials in the globally competitive fields of business and technology.