Noida-based study abroad platform, Leverage Edu, has successfully raised $40 million in a Series C funding round, according to reliable sources. The round was spearheaded by Educational Testing Service (ETS), a prestigious language testing conglomerate headquartered in Princeton. This funding, along with participation from existing investors, has propelled the startup’s valuation to approximately $150 million, showcasing a remarkable growth of 25% since its Series B round last year.
In March 2022, the edtech startup raised $22 million from a consortium of funds, family offices, and individual angels, placing the company’s valuation at around $120 million. Notable investors supporting Leverage Edu include Blume Ventures, Kaizenvest PE, DSP Mutual Fund, Tomorrow Capital, DSG Consumer Partners, and Trifecta Capital.
When approached for comments on this funding development, both Leverage Edu and ETS were contacted by YourStory, seeking their official statements.
The timing of this news is crucial as several edtech startups, including unicorns, are grappling with mounting losses, resulting in a slowdown of their expansion plans. In response, these companies are actively seeking ways to reduce expenses in the face 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.
Leverage Edu, founded in April 2017 by Akshay Chaturvedi, primarily caters to students from emerging countries such as India, Nigeria, and Nepal, facilitating their access to 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 reported revenue of approximately Rs 100 crore for the fiscal year 2023. Additionally, its financial arm, Fly Finance, which assists students with their education finance requirements, has facilitated loans totaling approximately Rs 280 crore. Moreover, the platform’s forex business has processed transactions valued at around Rs 135 crore.
Tracxn ranks Leverage Edu as a leading 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 the previous year.
The recent Series C funding round, led by ETS and other prominent investors, is expected to provide significant momentum 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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