India's Leverage Edu bags $40 million in a Series C round at a $150 million valuation

At a time when several edtech startups, including the unicorns, are grappling with financial struggles and a slowdown in expansion plans due to a funding winter, Indian study abroad edtech platform Leverage Edu has emerged as a success story, securing $40 million in a Series C funding round ($25 million in equity and $15 million in debt).

According to private market data company Tracxn, the edtech sector funding has seen a significant decline with only $1.33 billion raised between April 2022 and March 2023 compared to $6.22 billion the previous year. Amid all of this, Leverage Edu has demonstrated its ability to attract substantial investment.

With this latest round, the Noida-based company's valuation has reached approximately $150 million, representing a remarkable increase of 35-40% compared to its $120 million valuation during the Series B round of $22 million last year. To date, Leverage Edu has raised around $70 million, including both equity and debt.

Leverage Edu claims to have received offers for 20,000+ students via its 650+ university partners. A majority of Leverage’s student base goes to the UK, followed by Canada and the U.S., including countries like India, Nigeria, and Nepal.

It was led by Educational Testing Service (ETS) and included participation from existing investors such as Blume Ventures, DSG Consumer Partners, and Kaizenvest PE. This achievement marks Leverage Edu's first significant fundraising effort in 2023.

Established in 2017 by Akshay Chaturvedi, Leverage Edu offers a comprehensive range of services to students pursuing international education. This includes services such as counselling, application-admission support, education loans through non-banking financial companies (NBFCs) like HDFC Credilla and Avanse, as well as support for money transfers abroad, accommodations, and visa applications.