Study-abroad platform Leverage Edu announces second ESOP buyback

Leverage Edu, a study-abroad platform run by Leverage.biz, has announced the completion of its second ESOP (employee stock ownership plan) buyback exercise.

The initiative has benefitted over 50 employees from various functions within the company.

Although the exact amount of the buyback was not disclosed, it marks a significant milestone in the company's journey.

What does Leverage Edu do?

Founded in 2017, Leverage Edu provides a comprehensive range of services to students pursuing international education, including counselling, application-admission support, and financing.

The startup operates platforms such as Fly Finance for student finance and Fly Homes for student accommodation. It primarily assists students from India, Nigeria, and Nepal, among other countries.

Is Leverage Edu profitable?

Leverage Edu has raised approximately $70 million across various funding rounds, with its latest valuation around $150 million.

According to data company Tracxn, the startup raised $40 million in a Series C funding round led by Educational Testing Service (ETS) in July last year, bringing its total funding to $58.3 million. 

The startup's revenue from operations surged 228% to Rs 69 crore in FY23 from Rs 21 crore in FY22. However, its losses also increased by 70% to Rs 103 crore in FY23 from Rs 47 crore the previous year.

Leadership comments

Founder and CEO Akshay Chaturvedi stated, "Creating wealth for my teammates is perhaps one of the most important goals for me after our students' success... What took me by surprise was that we were oversubscribed for the issue and did not have enough supply of shares on sale. A large majority sold less than a quarter of their vested shares, and some didn't sell at all."