Study abroad platform, Leverage Edu aims to clock a net revenue of Rs 100 crore in FY23 and has already raked in Rs 50 crore, that is 50% of the earning in the first quarter (April-June), Akshay Chaturvedi, founder and CEO, Leverage Edu, told FE Education Online. The company further aims to expand its presence in the United States and Canada during the same period. Apart from this, Leverage Edu plans to introduce a new vertical to its services called Fly which will provide financial consultancy to students and help them take low interest loans. Furthermore it plans to partner with Visa Facilitation Services (VFS) Global, to ease the process of visa application for students. “We are basically trying to create a one stop solution for students who wish to study abroad. Our vision is to make them global citizens,” Chaturvedi said.
Regulatory filings accessed by business intelligence platform Tofler, revealed that in its first year of operation in FY21, Leverage Edu clocked a net revenue of around Rs 12.49 crore, as the net loss stood at Rs 7.24 crore. In FY22, the company claims to have clocked gross revenue of Rs 40 crore, while it refused to comment on the loss incurred. “We are profitable at a level of unit economics, and we continue to invest heavily in technology and content. So of course, we’re not making any profit right now,” Chaturvedi said.
Furthermore, Leverage Edu claims to monetise through collaboration with universities and provide consultancy to students. According to Chaturvedi, the company has a partnership with over 500 client universities who pay them a portion of the students’ fees which is around $3000, per student. The platform provides free consultancy to students up to the matching part wherein students are guided about the best options to study abroad as per their requirements. Post this step, the company charges Rs 999 from students for their services. “What we offer is nothing new, but we believe that we have brought more transparency to the system by allowing students to directly speak to universities,” Chaturvedi claimed.
Currently, the company is based in Delhi and National Capital Region (NCR) with offices in London and Sydney. It recently claimed to have entered Nigeria with a plan to enter Nepal. The platform claims to receive around 4,000 applications of students every month to study abroad. Of these, 75% of students go through the entire documentation process and get enrolled through Leverage. According to Chaturvedi, nine million unique users visit their platform every month which they plan to increase to 25 million in FY23. The company also plans to grow its team strength to 2,000 people in the next six months.
Also Read: India, Australia have a promising research partnership, says Dharmendra Pradhan