Leverage Edu Raises $40 Million in Series C Funding Round to Expand Study Abroad Platform
- ByStartupStory | July 3, 2023
Noida-based study abroad platform, Leverage Edu, has successfully raised $40 million in a Series C funding round led by Educational Testing Service (ETS), along with participation from existing investors, according to sources familiar with the matter. The funding round has propelled the startup’s valuation to approximately $150 million, marking a growth of 25% since its Series B round last year.
Leverage Edu, founded in 2017 by Akshay Chaturvedi, aims to assist students from emerging countries in accessing higher education opportunities abroad.
The latest investment comes at a challenging time for the edtech sector, as many startups, including unicorns, face the impact of mounting losses and seek to reduce expenses amid a funding winter. Private market data company Tracxn reports a significant decline in edtech funding, with only $1.33 billion raised between April 2022 and March 2023, compared to $6.22 billion in the same period the previous year. Despite these challenges, Leverage Edu has managed to secure substantial funding, showcasing the strong demand for its services and its potential for growth.
Leverage Edu offers a comprehensive range of services, including counseling, application support, college admissions assistance, education loans, international money transfer, and student accommodation. The platform has gained popularity among students, boasting a monthly enrollment of over 6,000 individuals. In the financial year 2022-2023, the edtech company reportedly generated revenue of approximately Rs 100 crore. Additionally, Leverage Edu’s financial arm, Fly Finance, has facilitated loans totaling around Rs 280 crore to assist students with their education finance requirements, while its forex business recorded a transaction processed value of Rs 135 crore.
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