The edtech startup Lead School raised $ 100 million in its Series E round, led by WestBridge Capital and GSV Ventures. The Mumbai-based company had $ 30 million in its Series D financing round led by GSV Ventures in April last year.
According to the company, it has raised new funds at a valuation of $ 1.1 billion. Lead School is the sixth edtech startup to join the Unicorns Club, which previously included Byju’s, Unacademy, Eruditus, upGrad and Vedantu.
The money will be used to focus on product and curriculum innovation, growing its footprint and hiring top talent in all roles, the company said in a press release. In the long term, there are also plans to dig deeper into the country to support students in schools with lower fees and to expand internationally in similar regions.
The company founded by Sumeet Yashpal Mehta and Smita Deorah offers integrated curriculum and technology solutions for private schools with books, workbooks, intelligent classes, teacher training courses, teacher manuals, ERPs or math science kits.
Lead School claims to have worked with over 3,000 schools serving more than 12 lakh students and is present in 400 cities in 20 states. The company also plans to provide affordable education to more than 25 million students with annual sales of $ 1 billion.
For the fiscal year ending March 31, 2021 or FY21, Lead School reported operating income from Rs 57.1 crore [$8 million] compared to Rs 28.6 crore [$3.8 million] earned during the previous fiscal year. Along with the growth in size, the company’s annual spending increased 128% to Rs.186.6 billion [$25 million] in FY21 from Rs 66.4 crore [$9 million] in FY20.
Byju’s is the highest-rated startup in the edtech space with around $ 21 billion, followed by Unacademy with a value of $ 3.44 billion in its last round in August last year. Eruditus, upGrad and Vedantu are valued at approximately $ 3.2 billion, $ 1.2 billion and $ 1 billion, respectively.
As per Trickypedia‘s data, Edtech was that largest financed segment in 2021. The total amount of investment raised by edtech startups during the year was $ 5.78 billion across 141 deals, followed by Fintech, where startups raised $ 5.07 billion across 186 deals.