Leverage Edu Raises $40 Mn In Series C Funding Round
Leverage Edu, a Noida-based study abroad platform, has raised $40 million in a Series C funding round led by Educational Testing Service (ETS), a Princeton-based language testing conglomerate. Existing investors like Blume Ventures, DSG Consumer Partners and Kaizenvest PE also participated in the funding round.
With this funding round, the Noida-based startup’s valuation has reached approximately $150 million, showing a growth of 25% from its Series B round last year.
As per the startup, the freshly raised funds will be used to strengthen its presence in the US and Australian markets.
Leverage Edu | Study Abroad Platform
Founded by Akshay Chaturvedi in April 2017, Leverage Edu is a Noida-based study abroad platform that assists students from emerging countries, including India, Nigeria, and Nepal, in accessing higher education opportunities abroad with an “outcome-focused counselling” approach that factors in employability and student success.
Claiming to have a monthly enrollment of over 6,000 students, the startup provides full-stack services to students pursuing international education and careers, offering dedicated counselling, application support, college admissions assistance, education loans, international money transfer and student accommodation.
Leverage Edu launched the ‘Study Abroad with LeverageEdu’ app last year. The app has over a million downloads already. It has also forayed into loans and foreign remittances.
With a steadily growing loan book, the startup has so far facilitated loans worth Rs 700 crore. In March 2022, the Noida-based study abroad platform had a loan book of Rs 30 crore. By March 2023, the number stood at Rs 370 crore.
The firm had reported a revenue of Rs 40 crore in FY22. And to people familiar with the matter, the firm has grown its revenue about 2.5X in the last financial year, ending FY23 at about revenue of Rs 100 – 110 crore.
Coming back to the funding, the development comes at a time when numerous educational technology startups, including highly valued ones, especially the unicorns, are facing difficulties in managing increasing financial losses. As a result, their growth plans are decelerating, and they are actively looking for ways to cut down on expenses due to a decrease in available funding.
As per private market data company Tracxn, funding in the edtech space has seen a significant decline, with only $1.33 billion raised between April 2022 and March 2023, compared to $6.22 billion raised in the same period the previous year.
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