Leverage Edu, online admission and counselling startup, has announced the fundraising news on Thursday. As per the statement given by the startup, Tomorrow Capital led Series A funding helped the company to raise Rs 47 crore.
Leverage Edu Funding Details and CEO Statements
In the current funding round, three major investors participated. Among those investors, Blume Ventures and DSG Consumer Partners contributed Rs 20.5 crore. Tomorrow Capital showed more interest in Leverage Edu. It invested a total of Rs 26.5 crore in the current round.
Leverage Edu founder and Chief Executive Officer Akshay Chaturvedi revealed that the company is quite happy with the investors’ interest in the firm. Where will the company use these funds? Answering this question he said that we plan to expand our operations in the smaller cities. The company also plans to strengthen foreign admission services for Indian applicants. Currently, the startup wants to connect with Canada and Australia more institutes.
“We will use the fund to go deeper in tier 3, tier 4 and smaller towns. There will also conduct workshops to help students understand the kind, of course, they should pursue and where it is available. Second, on the supply side, we were dominant in the US and UK and are now trying to get in Canada and Australia.”
Leverage Edu was founded in 2017. Currently, it helps students through its online portals LeverageEdu.com, UniValley.com, Ivy100.com and virtual fair platform UniConnect. It also established around 500 study abroad centres, known as mohalla rock stars in 42 major cities of India.
Future Plans of Leverage Edu
“Our immediate goal here is very clear. We want to focus on a few things and do them really really well. There is also this myth around foreign education being expensive that we”ve been busting for the last four years. 18 months from now, we want to be among the top study abroad companies in India, both by number of students and a roof-hitting NPS,”
In there different rounds of funding, the company has collected a total of Rs 60 crore. The company also found its supporters in angel consortium handled by Karan Khemka. The company has raised a total fund of Rs 60 crore in three rounds.
The startup conducts 50,000 one to one monthly counselling free of cost. To help students, more than 30000 videos, articles, and other contents are published on their website.
The company has designed an online platform univalley.com to connect universities and recruitment firms. It claims to have a total of 225 universities connected through this platform. It has a wide network in 13 countries.
With a current market size of $2.8 billion in 2020, Edtech sector is expected to grow by $10.8 billion in the next 5 years. It has a compound annual growth rate(CAGR) of 39%.