School EdTech player Lead has raised US$100 million at a valuation of $1.1 billion to become India’s first EdTech unicorn of 2022. The Series E funding round was led by WestBridge Capital with participation from GSV Ventures, making this one of their largest EdTech investments.
LEAD said it is focused on transforming core schooling in India with its tech-integrated solutions. According to the company, it has seen rapid adoption in the last 4 years and will enter academic year 22-23 with 5000 schools across 500+ cities in India with an annual revenue run-rate of $80 million. The company added that it will serve close to 2 million students.
The company plans to use the proceeds to achieve its vision of providing quality affordable education to 25 million+ students with an annual revenue run-rate of $1 billion. Immediate focus for the company would be towards 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, “Our intense focus has been on learning outcomes and life success of our students. And this has resulted in not only strong adoption and retention by schools but also interest from investors who value returns with real impact. We’re fortunate to have the trust and support of partners such as WestBridge, Elevar Equity and GSV in this journey. This is a small milestone in our quest towards excellent education for every child.”
Founded by Sumeet Yashpal Mehta and Smita Deorah in 2012, the company’s valuation has doubled in the last 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.