Leap raises ₹400 crore in Series C round
BENGALURU : Overseas education startup Leap said on Wednesday it has raised $55 million ( ₹400 crore) as a part of a Series C funding round led by Owl Ventures.
The round also saw participation from Harvard Management Company, Inc., along with existing investors Jungle Ventures and Sequoia Capital India.
With the current round, Leap has raised over $75 million in equity capital till date.
The company says it will use the proceeds from the current fundraise to extend its service suite to students across South-East Asia and expand to the Middle East and North Africa (MENA) region.
Two-year old Leap is an online platform which helps students across South Asia to pursue international higher education. Its products Leap Finance and Leap Scholar overlap the edtech and fintech domains.
The company product suite provides aspirants with international test preparation, professional admissions counselling, student loans, student bank accounts, foreign currency remittance, and career guidance.
“We expect million-plus students from the region to move abroad in the next 12 months," said Vaibhav Singh, co-founder of Leap.
“The overseas education market is fragmented where there is no single one-stop solution. It can be very confusing for students to know where to begin preparation, what colleges they should target, and how they are going to afford to pay for their education. Leap is creating a comprehensive platform that addresses all of these preparation and financing needs," said Amit Patel, managing director, Owl Ventures.
With the fundraise, Leap also intends to broaden its product portfolio and looks to offer credit card and insurance products to international students.