Study abroad edtech platform Leverage Edu has raised $40 million in a Series C funding round led by Educational Testing Service (ETS), an educational testing and assessment organization. With this, the Noida-based Leverage Edu marks its first fundraise in 2023.
The funding round also saw participation from existing investors including Blume Ventures, DSG Consumer Partners, and Kaizenvest PE, according to sources aware of the details.
Sources indicate that the funding round includes $25 million in equity and remaining $15 million as debt.
Post this round, the company is likely to be valued at around $150 million, sources added. Including the latest fundraise, Leverage Edu has bagged around $70 million including debt to date. The company was valued at around $120 million in its Series B round in March 2022.
Leverage Edu declined to comment on the story.
Founded in 2017 by Akshay Chaturvedi, Leverage Edu provides full-stack services including counseling, application-admission support, financing to students pursuing international education. It assists students from India, Nigeria, Nepal etc.
In May, Leverage Edu launched UnivaleyOS which enables universities to streamline and automate their student recruitment processes. In October last year, it launched a financial services arm, Fly Finance, to disburse education loans and student remittances. It also received a FFMC (full fledged money changers) license from the Reserve Bank of India.
While the company is projecting a 2.5X times jump in its income during FY23, its operating revenue in FY22 was Rs 40.17 crore, up 3.3X from Rs 12.3 crore in FY21. Outpacing its revenue growth, Leverage Edu’s losses jumped 4.1X to Rs 30.64 crore in FY22 as compared to Rs 7.4 crore in FY21.
