The cycle values Leverage Edu at around $120 million.
Investors participating in the round included Kaizenvest Private Equity, DSP Mutual Fund Group, Artha India Ventures, UAE-based NB Ventures and 9Unicorns. Existing investors including Blume Ventures, DSG Consumer Partners and Tomorrow Capital also participated.
Chona Group (the company behind Havmor), consumer goods player Vicco, Mankind Pharma and other family offices have joined the round along with Trifecta Ventures and Bennett Coleman (The Times Group), the company said. The round also saw prominent startup founders including Cred’s Kunal Shah, BookMyShow’s Ashish Hemrajani, True North Partner Haresh Chawla, Lenskart’s Peyush Bansal and ShareChat’s Farid Ahsan invest in the company.
Leverage Edu said it would use the funds to expand into existing geographies of Australia, India and Nigeria to strengthen its student network and consider initial launch in new countries, including the United States.
Founded in April 2017, Leverage Edu’s core business is helping leading universities integrate students from emerging economies. For students, he has created a technology-driven counseling platform that gives them a single dashboard for their entire study abroad journey.
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“We increased our revenue more than 12 times between February 2021 and 2022, and hit a $20 million annualized revenue milestone. The team has reduced customer acquisition costs with over 20% of our business now coming from referrals. Another 35% comes from a set of nifty product channels like virtual fair platform UniConnect, IELTS preparation product Leverage Live, among others,” said Akshay Chaturvedi, Founder and Managing Director of Leverage Edu .
At present, the company has integrated more than 400 universities around the world on its platform. In September 2021, Leverage Edu announced that it had opened an office in the UK. It also opened an office in Australia last week to create products to streamline admissions, automate marketing, and better serve universities in those regions.
The company claims to have placed more than 12,000 students in various global universities to date.
This year, Leverage Edu has also announced its foray into financial services and is awaiting a Full-Fledged Money Changer License (FFMC) from the Reserve Bank of India to venture into the overseas remittance business.
The company is also helping students get education loans through its partners and aims to facilitate a loan book of Rs 500 crore by September. It also plans to apply for a Non-Banking Financial Company (NBFC) license within the next two months.
It competes with edtech startup Leap, which also helps Indian students on their study abroad trip through LeapScholar. In September 2021, Leap raised $55 million in a funding round led by Owl Ventures.
Disclaimer: Brand Capital, the strategic investment arm of The Times Group, which also publishes ETtech, is one of the investors in this round.