San Francisco and Bangalore, India-based higher education enablement platform Leap raised USD 75 million in Series D funding. The round took place on June 22nd, 2022. Silicon Valley-based Owl Ventures led the funding. Meanwhile, new investors Steadview Capital and Paramark Ventures also joined in the investment. Besides, existing investors such as Jungle Ventures and Sequoia Capital India participated in the round.
So far, the study-abroad startup has raised USD 150 million since its inception.
Purpose of Funding by Leap
With the latest funding, Leap plans to expand its global footprint. It wants to launch its products in the regions like Bangladesh and other Southeast Asia markets. The company also seeks to grow partnerships with educational institutions abroad and expand geographies.
In addition, the startup intends to invest in innovative solutions within its existing offerings and launch new ones.
Earlier in September 2021, the company had raised USD 55 million in Series C funding. The funding back then was also led by Owl Ventures.
What the founder has to say
Vaibhav Singh, co-founder of Leap, said, “Over the next couple of years, more than five million students are expected to cross the international border to fulfil their global dreams. With the backing of marquee global investors, we continue to march forward on our mission to democratize access to quality global education and make these dreams a reality.”
He further added, “Our team launched in the UAE a few months ago. We’ve just launched in Bangladesh and want to continue expanding to all of these relatively neighbouring countries. We are obviously in the education industry, but the way we are set up as a business, we are truly at the intersection of edtech and fintech. Leap has the education and advisory products, but we also have a whole suite of financial products. In the last 12 months, we have grown our revenue by 400%, and I see that growth continuing very strongly over the next 12 to 18 months. We are a business that caters to a specific slice of the entire education ecosystem. We have got the first mover’s advantage in a number of products.”
In addition, Arnav Kumar, Co-founder of Leap, said, “Having built the underlying infrastructure for global student mobility, we can now scale rapidly across multiple dimensions. We have launched many industry-first products and experiences to make the student journey seamless. Ensuring student success has been our mission, and we will continue to deepen our existing offerings and launch newer ones in the months ahead.”
What the investor has to say
“By simplifying an otherwise overwhelming process and helping students navigate all the steps of counselling, test-prep, and financing, Leap is well-positioned to support the increasing demand to go and study abroad as more countries and companies around the world are becoming further integrated into the global economy,” said Amit Patel, managing director, Owl Ventures.
Vaibhav Singh and Arnav Kumar co-founded Leap in 2019. The platform runs LeapScholar, LeapFinance, and Yocket. The startup serves as a full-stack international student mobility platform. It operates an online community of overseas education aspirants with over two million students. Leap offers a suite of products to cover their study life cycle. These include international test prep for exams such as IELTS, TOEFL, SAT, etc., admissions and visa counselling. In addition, Leap also provides financial offerings like international student loans, international bank accounts, credit cards, and money remittance services.
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