Noida-based study abroad platform, Leverage Edu, has successfully raised a substantial $40 million in a Series C funding round, with Educational Testing Service (ETS) at the helm, according to trusted sources. The funding round, which also saw participation from existing investors, has propelled the startup’s valuation to approximately $150 million, representing an impressive 25% growth since its previous Series B round last year.
Earlier, in March 2022, the edtech startup secured $22 million, placing its valuation at around $120 million, thanks to funding from a consortium of funds, family offices, and individual angels. Notable 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 both Leverage Edu and ETS for their official comments on this recent funding development.
The timing of this funding achievement is significant, as numerous edtech startups, including unicorns, are currently grappling with mounting losses, causing a slowdown in their expansion plans. Consequently, these companies are actively seeking ways to reduce expenses during a period of funding scarcity. Private market data company, Tracxn, has reported a notable decline in edtech funding, with only $1.33 billion raised between April 2022 and March 2023, in stark contrast to the substantial $6.22 billion raised during the corresponding period in the previous year.
Founded by Akshay Chaturvedi in April 2017, Leverage Edu primarily serves students from emerging countries such as India, Nigeria, and Nepal, facilitating their access to higher education opportunities abroad. The platform offers an extensive range of services, including counseling, application support, college admissions assistance, education loans, international money transfers, 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 assists students in fulfilling their education finance requirements, has facilitated loans amounting to around Rs 280 crore. Furthermore, the platform’s forex business has processed transactions valued at approximately Rs 135 crore.
Tracxn ranks Leverage Edu as a top competitor among 191 rivals in the industry. One noteworthy competitor is Leap Scholar, which 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 poised to provide significant momentum for Leverage Edu’s expansion plans, further cementing its position in the study abroad market. With its innovative platform and comprehensive suite of services, Leverage Edu remains committed to facilitating educational opportunities for students from emerging economies worldwide.