LeverageEdu, an Indian edtech platform that caters to students looking to study overseas, has raised as much as $40 million in funding in its Series C round from a slew of investors to expand its business.
The Princeton-based Language Testing conglomerate ETS is understood to have led the round, which also saw the participation of existing investors such as Blume Ventures, DSG Consumer Partners, and Kaizenvest PE.
According to sources aware of the development, the funding has pegged the valuation of the Noida-headquartered LeverageEdu at about $150 million.
The funding comes at a time when the edtech sector has been staring at a funding winter, with investors questioning its high valuations and sustainability model in a post-COVID world.
After basking in glory during the pandemic years, almost all startups – especially in the K-12 segment – have been reeling in red.
But higher education-focused companies are relatively faring better because of their business model, said experts tracking the sector.
“It has got nothing to do with how schools and educational institutes are doing. The audience that they cater to are completely different,” said a person on condition of anonymity.
So far, in total, LeverageEdu has secured over $70 million in equity funding across multiple rounds.
It last raised $22 million in its Series B round last year. Prior to that, in February 2021, LeverageEdu secured as much as $6.5 million in its Series A round.
According to sources, LeverageEdu was last reported to be closing FY2023 at a revenue of Rs 100-110 crore, a 2.5x+ jump from its FY2022 revenue.
Founded in April 2017 by Akshay Chaturvedi, LeverageEdu is a global study-abroad platform that helps students from India, Nigeria, Nepal and other emerging countries land higher education opportunities abroad.
It operates multiple products for students and universities. It also counts Tomorrow Capital, Trifecta Capital; family offices Mankind Pharma, Vicco, and Singularity Ventures among its backers. It is also funded by individual investors like Vijay Shekhar Sharma, Kunal Shah, Ashish Hemrajani, Peyush Bansal, Ankur Warikoo, Karan Khemka, Ash Lilani, Vishal Gondal & Amrish Rau amongst others.