With the number of Indian students opting to study abroad seeing a sharp drop, Indian study-abroad platforms are increasingly diversifying their business models by expanding into international markets. Facing stricter visa rules and rising financial constraints, companies such as LeverageEdu, Leap, and eduVelocity are now targeting students from other countries to maintain growth.
According to data from the Bureau of Immigration under the home ministry, the number of Indian students studying overseas fell by 15% from 892,989 in 2023 to 759,064 in 2024. The drop has been particularly sharp in key destinations such as Canada, the UK, and the US, where Indian student enrolments fell by 27%. However, other destinations like Germany and Russia have seen an increase in the number of Indian students.In response, leading Indian study-abroad platforms have turned to new markets.
LeverageEdu, for instance, now derives nearly 30% of its business from non-Indian markets. “Nigeria is now our second-largest market after India, followed by Nepal,” said Akshay Chaturvedi, founder and CEO. The company has also expanded into Sri Lanka, Turkey, and Bangladesh and is eyeing Kenya and Ghana as its next growth targets.This diversification has helped LeverageEdu navigate geopolitical challenges.
“During the Canada-India diplomatic row, Canadian universities still needed international students, and we were able to send applicants from Nigeria and Ghana, allowing us to continue growing while others lost market share,” Chaturvedi said. At the same time, the firm is investing heavily in India, opening 10 experience centres and planning to expand to over 30 locations by October.
So far, it has committed `50 crore for offline expansion.EduVelocity is also broadening its reach, with the US and the UAE emerging as major source markets behind India. “Non-Indian students tend to generate higher revenue per student as they engage with our services earlier, sometimes from grades 9 and 10, while Indian students usually enrol closer to their application years,” said Vinu Warrier, founder of eduVelocity.
The company plans to expand its presence in Dubai, Nepal, and Sri Lanka over the next two years.Leap, backed by a $100-million debt facility from HSBC’s Asean growth fund and a $65-million Series E equity round led by Apis Partners, is focusing on China as a new source market. It is also in late-stage talks to acquire Prodigy Finance and other startups to fuel its expansion.