Decoding Leverage Edu’s Series C round

Study abroad edtech platform Leverage Edu recently announced raising $40 million, a mix of debt and equity, led by Educational Testing Service (ETS), an educational testing and assessment organization. 

While the Delhi-based company did not disclose more details of the round, Fintrackr has sifted through its regulatory filings to decode the round break-up, captable, and exact valuation.

Leverage Edu has raised around $21 million from the equity which was co-led by Educational Testing Service (ETS) and Shorelight LLC while the rest of the infusion came from the debt capital.

ETS International and Shorelight co-led the equity round with Rs 41 crore ($5 million) each while Three State Capital, Capri Global Holdings, and Blume Ventures poured Rs 12.3 crore($1.5 million), Rs 12 crore ($1.45 million), and Rs 8.2 crore ($1 million), respectively. Several individuals and notable investors including Kiazen Private Limited, NB Ventures, and Auctus Holding cumulatively invested Rs 54.5 crore ($6.5 million) into the company.

As per TheKredible estimates, the company has been valued at around $140 million post allotment. Leverage Edu has bagged around $70 million including equity and debt to date. 

Following the fresh proceeds, ETS and Shorelight hold 3.56% each while Catalyst Trustship, an investment arm of Blume Ventures, is now the largest stakeholder with 16.9%. Founder and CEO Akshay Chaturdevi directly commands 9.98% of the company. Check startup data intelligence platform TheKredible to see the complete shareholding.

Founded in 2017 by Akshay Chaturvedi, Leverage Edu provides full-stack services including counseling, application-admission support, and financing to students pursuing international education. It assists students from India, Nigeria, Nepal etc.

Last month, the firm also raised strategic money from Thailand-based family office of Aloke and Suchitra Lohia as the company plans to expand its footprint in the Southeast Asian market as well.

While the company is projecting a 2.5X 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.

Leverage Edu competes with Leap Scholar, CollegeDekho, and AdmitKard, among others.