Leverage Edu, a study abroad platform based in Noida, has secured an impressive $40 million in Series C funding, according to reliable sources. The funding round was spearheaded by Educational Testing Service (ETS), a renowned language testing conglomerate headquartered in Princeton. Existing investors also participated in the funding, driving the startup’s valuation to approximately $150 million. This latest round marks a remarkable 25% growth since Leverage Edu’s Series B funding round last year.
In March 2022, the edtech startup successfully raised $22 million, valuing the company at around $120 million. The funds came from a consortium comprising funds, family offices, and individual angels. Prominent investors supporting Leverage Edu include Blume Ventures, Kaizenvest PE, DSP Mutual Fund, Tomorrow Capital, DSG Consumer Partners, and Trifecta Capital.
YourStory has reached out to Leverage Edu and ETS for their official statements regarding this recent funding development.
This news arrives at a critical time when numerous edtech startups, including unicorns, are grappling with mounting losses, which have caused a slowdown in their expansion plans. Consequently, these companies are actively seeking ways to reduce expenses amidst a period of funding scarcity. Private market data company Tracxn has reported a significant decline in edtech funding, with only $1.33 billion raised between April 2022 and March 2023, compared to the substantial $6.22 billion raised during the same period in the previous year.
Founded in April 2017 by Akshay Chaturvedi, Leverage Edu primarily caters to students from emerging countries like India, Nigeria, and Nepal, assisting them in accessing higher education opportunities abroad. The platform offers a comprehensive range of services, including counseling, application support, college admissions assistance, education loans, international money transfer, and student accommodation. Impressively, Leverage Edu boasts a monthly enrollment of over 6,000 students.
Sources indicate that Leverage Edu recorded revenue of approximately Rs 100 crore for the fiscal year 2023. Additionally, its financial arm, Fly Finance, which aids students in fulfilling their education finance requirements, has facilitated loans totaling approximately Rs 280 crore. Furthermore, the platform’s forex business has processed transactions valued at around Rs 135 crore.
Tracxn, a leading industry tracker, ranks Leverage Edu as a top competitor among 191 rivals in the industry. Notably, Leap Scholar, a major competitor, raised $75 million in a Series D funding round in June of last year.
The recent Series C funding round led by ETS and other prominent investors is expected to provide significant impetus to Leverage Edu’s expansion plans, further solidifying its position in the study abroad market. With its innovative platform and comprehensive range of services, Leverage Edu aims to continue facilitating educational opportunities for students from emerging economies worldwide.
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