Online college admissions platform Leverage Edu raises ₹47 crore

Online college admissions platform Leverage Edu on Thursday said it has raised ₹47 crore in a series A round led by Tomorrow Capital.

Online college admissions platform Leverage Edu on Thursday said it has raised ₹47 crore in a series A round led by Tomorrow Capital.

Studying Abroad concept. Notepad on the table. (Getty Images/iStockphoto)

Existing investors Blume Ventures and DSG Consumer Partners added ₹20.5 crore in this round, half of which had been infused a couple of quarters ago, the company said.

Tomorrow Capital has invested ₹26.5 crore in the round, it said.

Leverage Edu founder and Chief Executive Officer Akshay Chaturvedi said that the company will use the fund to expand services in smaller towns and cities and reach out to foreign educational institutions in Canada and Australia.

"We will use the fund to go deeper in tier 3, tier 4 and more smaller towns. There will also conduct workshops to help students understand the kind of course they should pursue and where it is available. Second, on the supply side, we were dominant in the US and UK and are now trying to get in Canada and Australia," Chaturvedi said.

Founded in 2017, the company operates online platforms -- LeverageEdu.com, UniValley.com, Ivy100.com and virtual fair platform UniConnect.

“Our immediate goal from here is very clear. We want to focus on a few things and do them really really well. There is also this myth around foreign education being expensive that we've been busting for the last four years. 18 months from now, we want to be among the top study abroad companies in India, both by number of students and a roof-hitting NPS," Chaturvedi said.

The company has raised a total fund of ₹60 crore in three rounds.

Alongside institutional financing, the company also saw investments come in from an angel consortium led by Karan Khemka which includes Partners of the education consulting firm LEK.

Vishal Gondal of Goqii, Ash Lilani of Saama Capital, Amrish Rau of Pine Labs and Chaitanya Rathi of Sula Wines have also invested in the firm.HW