Delhi-based edtech platform Leverage Edu reported a 228% surge in revenue from operations, which was Rs 69 crore in FY23, up from Rs 21 crore in FY22. However, along with the expansion, the firm’s losses also widened by 70% to Rs 103 crore in FY23 from Rs 47 crore in FY22, according to the company’s consolidated financial statements filed with the Registrar of Companies.
Employee benefits emerged as the largest expenditure, constituting 38% of the total costs and witnessing an over two-fold increase to Rs 66 crore in FY23. Additionally, advertising and promotional costs also surged by over two-fold to Rs 55 crore during the same period.
Its ROCE and EBITDA margin stood at -272% and -136.6% respectively in FY23. The company spent Rs 2.51 to earn every rupee during the fiscal.
So far, the company has raised approximately $70 million across multiple rounds and was last valued at around $140 million. Blume Ventures is the largest external stakeholder, with 16.9%, followed by Tomorrow Capital and DSG Consumers Partners, which command 14.82% and 12.52% stakes respectively.
