Study abroad startup Leverage has raised an undisclosed amount of funding from the Thailand-based family office of Aloke and Suchitra Lohia. Leverage is the umbrella entity for the platform’s different verticals, including Leverage Edu, Fly.finance and Fly Homes.
The deal will enable the startup to expand its footprint in the Southeast Asian market, especially Thailand where it will set up an office. It will also utilise the capital to double down on efforts to roll out the offering to more students from emerging economies in the region.
The funding will enable the startup to leverage synergies and deep networks of the Lohia couple, who are the majority shareholders in Indorama Ventures, one of the biggest listed companies in Thailand.
“Problems like lack of sufficient English language training will be our priority to solve in Thailand as we enter one of Southeast Asia’s most promising markets. We are looking to set up an office in Bangkok, where the family has a deep understanding of (the) Thai ecosystem, and can support us,” Leverage Edu founder and chief executive officer (CEO) Akshay Chaturvedi said.
Commenting on the announcement, Suchitra Lohia said, “We are thrilled to be partners on this journey with Leverage Edu, a pioneer in Student Mobility. The family believes in supporting ventures that create positive societal impacts. Leverage Edu’s innovative approach resonates deeply with our values, and we are excited to contribute to their mission.”
Everage Edu wants to tap into the growing number of Thai students who go to study abroad. The company said that the partnership will enable it to target 1 Lakh Thai students looking to study abroad.
Founded in 2017, Leverage Edu is a study abroad platform that helps students apply to foreign universities.
This comes barely two months after the startup raised $40 Mn as part of its Series C funding round led by language testing conglomerate ETS. In the past 18 months, Leverage Edu has bagged $62 Mn in funding, and the company was last valued at around $150 Mn.
Backed by Blume Ventures and DSG Consumer Partners, the company has been raising funds at a time when edtech startups have been struggling to raise funds. This has resulted in many startups shutting shop while others have shelved expansion plans and laid off employees.
Despite the hurdles, the homegrown edtech space is well-poised for growth and is projected to reach a market size of $29 Bn by 2030.
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