Edtech startup Leverage Edu has raised $22 million (Rs 167 crore) in its Series B round from NB Ventures and 9Unicorns, Chona Group, FMCG player Vicco, Mankind Pharma, Kaizenvest Private Equity, DSP Mutual Fund Group, Artha Ventures have also joined the round.
Prominent individual investors such as Morgan Stanley MD Hemant Gupta, CRED founder Kunal Shah, BookMyShow founder Ashish Hemrajani, True North Partner Haresh Chawla, Lenskart founder Peyush Bansal, ShareChat founder Farid Ahsan, Hotcourses (sold to IDP) founder Mark O’Donoghue, Skyflow’s Anshu Sharma, Eragon Ventures MD Pranabh Mody, Dynamic IT Director Henry Kane, Jio President Vikas Choudhary, entrepreneur-author Ankur Warikoo, OYO SEA CEO Ankit Tandon, among others participated with individual cheques, alongside syndicates from AngelList, LetsVenture & Trica Capital.
Blume Ventures, DSG Consumer Partners and Tomorrow Capital are the existing investors of the startup that participated in this transaction.
This round has valued the company at $120 million.
Founded in 2017 by Akshay Chaturvedi, Leverage Edu provides full-stack services to students pursuing international education and careers. It also launched the ‘Study Abroad with LeverageEdu’ app last month, which has over 50,000 downloads already.
Leverage Edu also announced its foray into financial services early this year. It is now awaiting an FFMC license from RBI, which will further boost its foreign remittance business. While the company doesn’t give out loans on its own balance sheet, it claims to have been growing fast as it aims to hit a Rs 500 crore loan book by this fall.
The company further said that it grew over 12x in revenue between February 2021 and 2022, and are at a $20 million annualised revenue crossed milestone now.
In September last year, the firm had raised an undisclosed amount of growth capital from Paytm founder Vijay Shekhar Sharma, Oyo India and Southeast Asia CEO Rohit Kapoor and others. In early 2021, the startup had raised $6.5 million in a Series A funding round led by Tomorrow Capital and joined by existing investors Blume Ventures and DSG Consumer Partners.