Leverage Edu Rolls Out Second ESOP Buyback

Study abroad startup Leverage Edu, which counts the likes of Blume Ventures and DSG Consumer Partners among its backers, has completed its second ESOP buyback programme.

However, the company did not disclose the amount of the stock  buyback.

More than 50 current employees across various departments were able to reap the benefits from this exercise.

Leverage Edu marked completion of its first ESOP buyback in June 2022.

“A large majority sold less than a quarter of their vested shares, and some didn’t sell at all. That, by far, gives me incredible belief re the culture we’ve built, and the confidence we collectively have in our ability to build a great business, than anything else! In fact it makes me want to do another round of ESOP rollout across the company,” said Akshay Chaturvedi , founder and chief executive of Leverage Edu.

The company said in a statement that the ESOP buyback marks a milestone in Leverage’s journey, emphasising its commitment to empowering its workforce and sharing success.

Founded in 2017, Leverage Edu is a study abroad platform that helps students apply to foreign universities. It offers courses across three apps – Study Abroad With Leverage Edu, LeverageIELTS, and the recently launched LeverageTOEFL.

This follows months after the startup saw its loss widen by 118% to INR 102.8 Cr in FY23 from INR 47.1 Cr in the previous fiscal year, due to increased expenses aligned with its expanding business. 

Despite this, the startup’s operating revenue surged 3.3X to INR 68.9 Cr in FY23 from INR 21 Cr in the previous fiscal year.

In September last year, Leverage Edu secured undisclosed funding from the Thailand-based family office of Aloke and Suchitra Lohia to extend its presence in the Southeast Asian market, particularly in Thailand. 

This funding round followed closely on the heels of the startup’s $40 Mn Series C funding round led by language testing conglomerate ETS, which took place just two months prior.