Bangalore: Global study-abroad platform Leverage Edu said on Monday it has raised $22 million as part of a new round of funding that saw participation from a consortium of funds, family offices and individual angels.
Round value leverage Edu is valued at approximately $120 million.
Investors who participated in the round included Kaizeninvest Private Equity, DSP Mutual Fund Group, Earth India Ventures, UAE-based NB Ventures and 9 Unicorns. Existing investors including Bloom Ventures, DSG Consumer Partners and Tomorrow Capital also participated.
The company said Chona Group (the company behind Havmor), consumer goods player Vicco, Mankind Pharma and other family offices joined the round, along with Trifecta Ventures and Bennett Coleman (The Times Group). Leading startup founders including Kunal Shah of Credit, Ashish Hemrajani of BookMyShow, True North partner Haresh Chawla, Piyush Bansal of Lenskart and Fareed Ahsan of ShareChat invested in the company in this round.
Leverage Edu said it will use the funds to grow in existing geographies of Australia, India and Nigeria to strengthen its student network, and will look at initial launches in new countries, including the US.
Founded in April 2017, Leverage Edu’s core business is helping major universities bring students from emerging economies on board. For the students, it has built a technology-led mentoring platform that gives them a one-stop dashboard for their complete study-abroad journey.
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“We grew revenue more than 12 times between February 2021 and 2022, and passed the annual revenue milestone of $20 million. The team has cut customer acquisition costs and over 20% of our business is now coming from referrals. The other 35% comes from a slew of sleek product-channels like virtual fare platform Uniconnect, IELTS-prep product Leverage Live, said Akshay Chaturvedi, Founder and CEO, Leverage Edu.
Currently, the company has included over 400 universities globally on its platform. In September 2021, Leverage Edu announced that it had opened an office in the United Kingdom. It also opened an office in Australia last week to build products for admissions, marketing automation and better service to universities in these areas.
The company claims that it has so far placed over 12,000 students across various global universities.
This year, Leveraged Edu also announced its foray into financial services and is awaiting a Full Money Changer (FFMC) license from the Reserve Bank of India to enter the overseas remittance business.
The company also helps students secure loans for education through its partners and aims to facilitate a loan book of Rs 500 crore by September. It also wants to apply for a non-banking finance company (NBFC) license in the next two months.
It competes with edtech startup Leap, which also helps Indian students study abroad travel 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 Times Group, which also publishes ETTech, is one of the investors in this round.
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