Leverage Edu, an educational testing and assessment company, has raised $40 million in a Series C funding round from investors, led by Educational Testing Service (ETS). This is the first fundraising effort for Noida-based Leverage Edu in 2023.
Existing investors Blume Ventures, DSG Consumer Partners, and Kaizenvest PE participated in the funding round as well, according to people with knowledge of the situation.
According to sources, the funding round includes $15 million in debt and $25 million in equity.
According to sources, the company will probably be valued at around $150 million after this round. Leverage Edu has raised about $70 million, including debt, to date, including the most recent fundraising.
At the time of its Series B round in March 2022, the company had a value of about $120 million.
Akshay Chaturvedi founded Leverage Edu in 2017, which offers students pursuing international education full-stack services like counseling, application-admission support, and financing. It helps students from Nepal, India, and other countries.
UnivaleyOS, a platform that enables universities to automate and streamline their student recruitment processes, was introduced by Leverage Edu in May. In order to disburse student remittances and educational loans, it established Fly Finance in October of last year. The Reserve Bank of India also granted it an FFMC (full-fledged money changers) license.
However, the operating revenue for FY22 was Rs 40.17 crore, up 3.3X from Rs 12.3 crore in FY21, even though the company anticipates a 2.5X increase in income for FY23. Leverage Edu’s losses increased 4.1X to Rs 30.64 crore in FY22 as compared to Rs 7.4 crore in FY21, outpacing its revenue growth.
