Edtech Unicorn LEAD, has secured $20 million in debt funding, solidifying their position as a leader in the Indian edtech market. The fresh capital will be used to finance the company’s ambitious growth plans in the Indian edtech market.
While other edtech unicorns have been cutting costs and slowing expansion plans due to the current funding winter, LEAD has been able to attract non-dilutive capital from reputable sources, thanks to its strong unit economics and clear path to profitability. This is despite the fact that the company announced a reduction in its workforce of 2,000 people by around 1-2% just a day before the funding round.
The Mumbai based company, which empowers 3000+ private schools across India also recently entered into an agreement with London-headquartered learning firm, Pearson, to acquire their local K-12 learning business in India. The acquisition is being funded through a combination of the new fundraise and internal accruals, further solidifying LEAD’s position in the Indian edtech market.
“LEAD is poised for 2X growth and this latest round of funding will help us fast-track our mission of providing high-quality, integrated school edtech solutions to over 60,000 schools across India by 2026,” said Sumeet Mehta, Co-founder and CEO of LEAD.
Founded in 2012 by Sumeet Mehta and Smita Deorah, LEAD’s integrated school system provides software, hardware curriculum, books, a school kit, and training sessions to schools across India. With this latest round of funding, the company is well-positioned to continue its growth and expansion in the Indian edtech market, despite the challenges faced by the industry.
The funding round, led by venture debt firms Stride Ventures and Alteria Capital, also saw participation from major banks such as Standard Chartered Bank, HDFC Bank, and ICICI Bank.
