Indian EdTech startup LEAD has recently raised US$100 million funding in a Series E round led by GSV Ventures and private equity firm WestBridge Capital. The financing round has valued the company at US$1.1 billion thus making it the first school EdTech startup in the country to enter the unicorn category this year.
LEAD plans to use the fresh funding to achieve its vision of providing affordable and quality education to over 25 million students with an annual revenue run-rate of US$1 billion. The company’s immediate focus will be on curriculum and product innovation, hiring talent across functions, and growing footprint.
As a long-term plan, LEAD plans to serve students in lower fee schools across the country and expand internationally.
“A child spends 6 hours in school and only 1 hour in tuitions. Transforming schools, when done right, has massive potential to alter our country’s future. LEAD, with its integrated school system has broken new ground in this direction,” said LEAD co-founders Sumeet Yashpal Mehta and Smita Deorah.
WestBridge Capital Managing Director Sandeep Singhal said, “We are extremely proud of LEAD’s success as the largest School EdTech provider in India. LEAD’s growth last year, despite COVID disruptions, underlines its consumer first approach and deep focus on learning outcomes. We are excited to double down our investment in LEAD, to support in its mission of transforming the education sector in India and touching lives of millions of students.”
Founded in 2012 by Smita Deorah and Sumeet Yashpal Mehta, LEAD has been transforming core schooling in the country with its innovative full-stack school EdTech solution. It has made global-standard education accessible and affordable to students, especially in tier 2 Indian cities.
The school-focused EdTech combines technology, curriculum, and pedalogy into an integrated system of learning and teaching, thus improving student learning outcomes and teacher performance in schools across India.
In the last four years, LEAD claims that it had rapid adaption and will enter academic year 2022-23with 5,000 schools across 500 plus cities in the country with an annual revenue run-rate of US$80 million. The company will serve about 2 million students.