Leverage Edu raised Rs 47 crore in a Series A round of funding led by Tomorrow Capital, the education technology startup has said.
Existing investors Blume Ventures and DSG Consumer Partners invested Rs 20.5 crore in this round, half of which had been infused a couple of quarters ago, the company said.
Tomorrow Capital infused the balance Rs 26.6 crores in this round. "We will use the fund to go deeper in tier 3, tier 4 and more smaller towns," Leverage Edu founder and Chief Executive Officer Akshay Chaturvedi said.
"There we will also conduct workshops to help students understand the kind of course they should pursue and where it is available. Second, on the supply side, we were dominant in the US and the UK and are now trying to get in Canada and Australia," he added.
The online platform was launched in 2017 as a "university admissions company" to help students apply to universities across the world and provides career guidance with the help of artificial intelligence (AI) matching them with mentors and workshops.
The prominent angels who have invested in the company include Goqii founder Vishal Gondal, Saama Capital managing partner Ash Lilani, Pine Labs chief executive Amrish Rau, and Sula Wines chief operating officer Chaitanya Rathi among others, The Economic Times reported. The company has raised a total of Rs 60 crore in the three rounds of funding.
"Blume is delighted to double down on Leverage, and will be investing in this round as well," Sajith Pai, Director at Blume Ventures said in a blog post.
He also welcomed other investors who joined in the current round including investors Karan Khemka who previously led Parthenon’s education consulting practice internationally, and Yashraj Akashi, curator Tedx Gateway, amongst others.
(with agency inputs)