LEAD said its immediate focus would be toward product and curriculum innovation, growth in its footprint and hiring top talent across functions.
EdTech player LEAD has raised $100 million at a valuation of $1.1billion. With this funding, LEAD became the first edtech unicorn of 2022.
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The Series E funding round was led by WestBridge Capital and GSV Ventures, making it one of their largest edtech investment.
While most other Edtech companies offer supplemental educationin K-12 or Higher education, LEAD said it is the only Edtech unicorn focused on transforming core schooling in India with its tech-integrated solutions.
The company will enter Academic Year 22-23 with 5000 schools across 500+ cities in India with an annual revenue run-rate of $80 million. It’ll serve close to 2 million students and is unique in committing and delivering measurable improvement in student learning outcomes in schools.
The company, in a statement, said it plans to use the proceeds to achieve its vision of providing quality affordable education to 25 million-plus students with an annual revenue run-rate of $1 billion.
The company said its immediate focus would be toward product and curriculum innovation, growth in its footprint and hiring top talent across functions. In the long term, the company plans to go deeper in the country to serve students in lower fee schools and expand internationally in similar geographies.
LEAD co-founders Sumeet Yashpal Mehta and Smita Deorah said, “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."
WestBridge Capital Managing Director Sandeep Singhal said, “LEAD’s growth last year, despite COVID disruptions, underlines its consumer first approach and deep focus on learning outcomes."
“LEAD has emerged as the gold standard for transforming K-12 education in India. The company acts as the Intel inside for affordable schools and guarantees 70%+ mastery in all subjects and all grades for low/middle income students and exceeds the guarantee. We, at GSV, believe that the mastery guarantee is a revolutionary offering in K12 education space and has the potential to be societally transformational for students," said Deborah Quazzo, managing partner at GSV Ventures.
The company said its valuation has doubled in the past 9 months on the back of strong growth in its operating and financial metrics. The current round is its fifth round of institutional funding since 2017.
Founded by Sumeet Yashpal Mehta and Smita Deorah in 2012, LEAD has been transforming core schooling in India with its innovative full-stack School Edech solution. Over the years, LEAD has been making global-standard education accessible and affordable to students, especially in non-metro cities. The curriculum in a LEAD-powered school is benchmarked with the best in the world, including schools in Singapore, Canada and USA.