IBEF: January 14, 2022
LEAD, a Mumbai-based edtech startup, is the first to join the unicorn club this year. At a valuation of US$ 1.1 billion, the edtech start-up has raised US$ 100 million in Series E funding. Westbridge Capital led the round, with GSV Ventures also participating.
Unlike most other edtech start-ups, the company claims to focus on improving a student's classroom education experience rather than functioning as a supplement to schooling. LEAD expects to reach 2 million students in Academic Year 22-23, with 5,000 schools in more than 500 cities across India and an annual revenue run-rate of US$ 80 million.
The proceeds will be used to help the company realise its mission of providing high-quality, affordable education to more than 25 million students at a US$ 1 billion annual revenue run-rate.
Its initial priorities would be product and curriculum innovation, as well as extending its footprint and attracting top talent across all departments. In the long run, the company wants to expand further into the country to serve children at lower-cost schools, as well as expand worldwide in similar areas.
Smita Deorah, co-founder of LEAD, said, “A child spends 6 hours in school and only 1 hour in tuition classes. 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.
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