New Delhi, July 10 Global study abroad platform Leverage Edu has closed its Series C round to focus on doubling revenue in FY24, its Founder and CEO Akshar Chaturvedi has announced.
Princeton-based Language Testing conglomerate ETS led the round along with existing investors, Blume Ventures, DSG Consumer Partners, and Kaizenvest PE.
According to an Economic Times report, the company has raised around $40 million and the latest valuation stands at about $150 million. "We have had the privilege to partner with long-term investors, who we believe will help us in executing the vision and strategy across this next phase. This funding round and association will enable us to innovate in the space of student education and take it to the next level," Chaturvedi, Founder and CEO of Leverage Edu & Fly, said in a tweet.
With this latest round of funding, Leverage Edu aims to strengthen its position in existing markets, while also expanding into newer student mobility corridors.
The company will also pilot new go-to-market strategies to further reduce customer acquisition costs and continue doubling down on their content-first and product-first approach to drive efficiencies, enhancing the value proposition for students.
Speaking about Fly Finance & Fly Homes, Akshay said, "We are now more obsessed with a student’s ‘complete success’, right till the end. That’s what birthed Fly Finance 1.5-2 years back and now Fly Homes. Lots more 0>1 happening here. Adrenaline pumping.”
Looking ahead, Leverage Edu aims to surpass its current revenue, aiming to more than double it this Financial year, and achieve full-year EBITDA in the next financial year.
“Publicly stated goal remains the same. We want to IPO in the next few years. As a value stock. Where we can retain the same DNA (of #StudentFirst) for Shareholders as well, not just the believers of today but even the guy who enters at that time, playing our absolute best to make them win,” said Chaturvedi.
Speaking about being EBITDA positive and profitability, he highlighted that "We aim to be EBITDA positive by next financial year and our confidence of achieving profitability this year itself”.
“We want to infuse tech and innovate for each of our stakeholders including students, universities, partners, support staff et al - to make ourselves more efficient, make service TAT topmost not just in our industry but among the best in the world,” he added.
Chaturvedi expressed deep appreciation for the dedicated team at Leverage Edu, saying he is "privileged to build this alongside a smashing team”.
“The 200 Leveragians who own ESOP. The TGIS winners. Leverage = them, their incredible journeys as well. + fortunate to have super supportive existing investors, who have been patient advisors, helped navigate in challenging times, trusted, coached, and always put the business first,” he mentioned.
"It’s been fun growing up. Onto the 7th year now. With big dreams. Head down. Ambitious, but cautious. Believer of the macros, but in love with the granularity of the micros that our easy-on-outside complex-on-inside business is. Rest, the party has only begun. Leverage It!” he added.
Founded in April 2017, LeverageEdu helps students from India, Nigeria, Nepal and other emerging countries land higher education opportunities abroad.
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