The company plans to use the fresh capital to resolve pending cash flow issue in educational institutes, along with providing innovative solutions for students across India
Founded in 2018 by Rohit Gajbhiye, Naveesh Reddy and Debi Prasad Baral, LEO1 helps in streamlining fee collection encouraging responsible financial behaviour
Over the last three years, LEO1 claims to have raised total funding of INR 291 Cr in two rounds
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Mumbai-based fintech startup LEO1 has roped in cricketer Rohit Sharma as a strategic investor.
The company plans to use the fresh capital to resolve pending cash flow issue in educational institutes, along with providing innovative solutions for students across India.
Over the last three years, the company claims to have raised total funding of INR 291 Cr ($35 Mn) via two rounds from a pool of investors, including QED Investors, Aavishkaar Capital, Ardent Investors LLC, 100Unicorns and DMI Finance among others.
Founded in 2018 by Rohit Gajbhiye, Naveesh Reddy and Debi Prasad Baral, LEO1 helps in streamlining fee collection for the institutes by incentivising students for advance fee payments using a reward mechanism, encouraging responsible financial behavior.
LEO1 has recently launched ‘Financial SAAS’ providing solutions for financial transactions within the education sector. It will include a LEO1 payment card that will serve as both a Smart card and a LEO1 Smart ID card within campus premises.
The company also provides immediate education loans, encouraging responsible financial behaviour. Moreover, it is committed to promoting financial literacy among students, providing them with the knowledge and skills to manage their finances effectively.
“Rohit Sharma’s endorsement has infused our teams with tremendous enthusiasm to deliver outstanding work. With his support as our brand ambassador and now as a valued investor, I am confident that we will become even more efficient and motivated” said Gajbhiye.
LEO1 has partnered with 31 major institutions like Narayana, Jain Group, SAGE University to offer its ‘Financial SAAS’ platform, which will benefit around half a million students across the country.
Other fintech startups working on SAAS based financial solution for educational institutions include the likes of Avanse, Auxilo, Perfios and Eduvanz.
Last month, B2B fintech startup Vegapay raised INR 45.73 Cr ($5.5 Mn) in a seed funding round led by Elevation Capital.
In the same month, fintech startup Rupeek raised INR 51 Cr in a down round from 360 One Large Value Fund (formerly IIFL Wealth Management) and BlackSoil.
As per INC42’s report, in Q4 2023, fintech funding in India saw a 12% decline compared to Q4 2022, totaling $413 Mn, alongside the lowest median ticket size in the past three years. Despite this, lending tech sustained investor interest, with fintech SaaS emerging as a strong contender.
The Indian fintech market is projected to soar to $2.1 Tn by 2030, with lending tech emerging as the most lucrative sub-segment.
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