The study abroad 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
CEO and founder Akshay Chaturvedi said that the startup will go for an IPO in 2027
While Leverage.biz is yet to file its financial statement for FY24, sources said that its revenue jumped over 35% year-on-year (YoY) to INR 95 Cr during the year
Delhi NCR and London-based study abroad startup Leverage.biz, which runs a study abroad platform Leverage Edu
is on track to cross the INR 200 Cr revenue mark in the ongoing financial year (FY25), sources said.
While the startup, which also runs immigrant banking play Fly.finance, student housing provider Fly.homes, 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.biz CEO and founder 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 55% in FY24.
Leverage.biz posted a net loss of INR 68 Cr in FY24 and its total expenditure stood at INR 162 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) sometime in 2027 “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.biz claims to engage with over 150 Mn students annually 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 Cr 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. Currently, Fly Finance is moving currencies worth over $1Mn on a daily basis in its forex business.
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 has also been launching its experience centres over the last few quarters in select markets.
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, Binny Bansal, Blume Ventures, DSG Consumer Partners, Kaizenvest Private Equity, Mankind Pharma family office, Caratlane founder Mithun Sacheti, among others.