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Delhi NCR-based study abroad startup Leverage Edu is on track to cross the INR 200 Cr revenue mark in the ongoing financial year (FY25), sources said.
While the startup is yet to file its financial statement for FY24, the sources said that its revenue jumped over 35% year-on-year (YoY) to INR 95 Cr in the last fiscal year.
The startup expects to cross the INR 200 Cr mark in the top line on the back of its growing presence in West Africa and South Asia. Without commenting on the numbers, Leverage Edu CEO and cofounder Akshay Chaturvedi told Inc42, “… over 20% of our student recruitment revenue is now non-India source markets, primarily Nigeria and Nepal. This will grow further.”
He added that the startup’s EBITDA margin is expected to improve to a negative 20-25% in the ongoing fiscal year from a negative 70% in FY24.
Leverage Edu posted a net loss of INR 54 Cr in FY24 and its total expenditure stood at INR 149 Cr. The startup expects to turn profitable by September 2025, one of the sources said.
Chaturvedi said that the startup plans to go for an initial public offering (IPO) in the next 18-24 months. “We want to deliver 4-6 strong quarters; once we get there, hopefully in the next 18-24 months, we should be ready to build in the public markets,” he said.
Founded in 2017 by Chaturvedi, Leverage Edu is a study abroad platform that helps students apply to foreign universities. Besides the Leverage Edu app, it offers courses through LeverageIELTS and recently launched LeverageTOEFL apps.
Leverage Edu claims to have engaged with over 150 Mn students since inception and its apps have seen over 2 Mn downloads. The UK is the top destination for students opting for Leverage Edu, followed by the US and Germany.
Focus On New Verticals
It has also forayed into financing and accommodation segments for the students. Leverage Edu is looking to disburse loans worth over INR 430 in FY25 through its education financing vertical, Fly.finance.
Besides, it is also mulling launching international credit cards and short-term insurance products for students going abroad for studies. Fly.finance has also become one of the largest partners for leading education-focussed NBFCs and private banks.
Meanwhile, Leverage Edu expects its student accommodation vertical, Fly.homes, to close $45 Mn in gross booking in FY25, which is mostly split across the UK and the Australian market.
Talking about the vertical, Chaturvedi said, “We are not following what the market is doing with the student accommodation business, we don’t have to go out and source students like other players. Rather than focusing on a low average revenue per user (ARPU) and high customer acquisition cost (CAC) game, we are focussed on providing a more comprehensive value to the students in Leverage Edu universe, hence we now engage in room nominations with multiple global players.”
The startup is also looking to shore up its B2B vertical by adding new offerings such as automated-wallet payout, an AI-enhanced helpdesk, among others. Leverage Edu provides a software suite to over 2,000 study abroad consultants.
Leverage Edu has raised a total funding of over $70 Mn from Princeton-based ETS, Blume Ventures, DSG Consumer Partners, Kaizenvest Private Equity, Mankind Pharma family office, Caratlane founder Mithun Sacheti, among others.
The post Leverage Edu On Track To Cross INR 200 Cr Revenue Mark In FY25 appeared first on Inc42 Media.
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