The company Leverage.biz, which also owns Fly.Finance, Fly Homes, and the study abroad platform Leverage Edu, has declared the completion of its second ESOP buyback exercise.
The company’s more than fifty workers in various departments benefited from this exercise. The company did not, however, make the amount of the stock buyback public.
Leverage Edu, which was founded seven years ago, offers full-stack services to students who are interested in studying abroad, such as financial assistance, application and admission support, and counseling. Among other countries, it helps students from Nigeria, Nepal, and India.
In July of last year, Educational Testing Service (ETS) led the company’s $40 million debt and equity fundraising effort. It was last valued at approximately $140 million and has raised about $70 million through funding rounds. The largest external stakeholder in Leverage Edu, according to the media, is Blume Ventures, with 16.9%, followed by DSG Consumers Partners and Tomorrow Capital.
While the company’s losses increased 70% to Rs 103 crore in FY23 from Rs 47 crore in FY22, its operating revenue increased 228% to Rs 69 crore in FY23.
In 2023, the total amount of EOSP liquidity, payout, and buyback was close to $802 million. The buyback amount was reported as $440 million in 2021 and $200 million in 2022. The Sleep Company, Urban Company, MyGate, Classplus, Meesho, XYXX, and Pocket FM also finished their ESOP buyback program in 2024.
