The Series C funding round for study abroad platform Leverage Edu witnessed participation from existing investors — Blume Ventures, DSG Consumer Partners, and Kaizenvest PE. Post the fresh fundraise, the startup is likely to be valued at $150 million, a 35 to 40 percent up-round to its $22 million Series B round last year.
Study abroad platform Leverage Edu has raised $40 million in its Series C funding round led by the Princeton-based global education testing and assessment organization Educational Testing Service (ETS), sources familiar with the development told CNBC-TV18. Last year, the conglomerate led the $210 million funding in upskilling unicorn upGrad, valuing the startup at around $2.25 billion.
CNBC-TV18 has also learnt from sources that LeverageEdu is ramping up its headcount by almost 5x and will use the fresh capital for hiring 250 people to its already 1000+ employee roster. The company refused to comment on the development.
Leverage Edu has raised around $21 million from the equity which was co-led by Educational Testing Service (ETS) and Shorelight LLC while the rest of the infusion came from the debt capital.
ETS International and Shorelight co-led the equity round with Rs 41 crore ($5 million) each while Three State Capital, Capri Global Holdings, and Blume Ventures poured Rs 12.3 crore($1.5 million), Rs 12 crore ($1.45 million), and Rs 8.2 crore ($1 million), respectively. Several individuals and notable investors including Kiazen Private Limited, NB Ventures, and Auctus Holding cumulatively invested Rs 54.5 crore ($6.5 million) into the company.
