Indian edtech startup Leap, which offers a platform for students aspiring to study abroad, on Wednesday said it has raised $75 million (Rs 585 crore) in a Series D funding round led by Silicon Valley-based Owl Ventures, as the demand for foreign education picks up after the pandemic.
The round also saw participation from new investors Steadview Capital and Paramark Ventures, along with existing investors Jungle Ventures and Sequoia Capital India.
“Leap is well-positioned to become a unicorn in the near future,” the company told DealStreetAsia, while declining to disclose the exact valuation.
Leap will use the fresh funds to increase product innovation and forge partnerships with educational institutions abroad. The company also plans to launch new products and expand geographies in the coming months.
Leap was founded in 2019 by IIT-Kharagpur batchmates Vaibhav Singh and Arnav Kumar. The startup runs programmes including LeapScholar, LeapFinance and Yocket, which offer a suite of products catering to overseas education. These include preparations for international tests such as IELTS, TOEFL, SAT and so on; admissions and visa counselling; as well as financial offerings such as overseas student loans, bank accounts, credit cards and money remittance services.
The firm claims to have helped over 175,000 students to study abroad in the past 12 months.
Leap’s fundraiser comes at a time the demand for overseas education is bouncing back as universities are back to full-fledged offline classes and enforcing Covid19 vaccinations.
According to Prodigy Finance, a UK-based Fintech company, the industry has clocked a 98% increase in study-abroad loan applications in the first three months of 2022 compared with the same period last year.
“Over the next couple of years, more than five million students are expected to cross an international border to fulfil their global dreams,” Singh said in a statement.
Own Ventures is known for investing in education companies and its portfolio includes BYJU’S and Masterclass.