Startup Edutech Lead Joins Unicorn Club and Raises $ 100 Million from WestBridge, GSV and Elevar

MUMBAI: School education startup Lead became the second unicorn this year with a valuation of $ 1.1 billion after funding of $ 100 million (around Rs 740 crore) by Westbridge Capital, GSV Ventures and Elevar Equity.
Lead has linked with 5,000 schools in 500 cities and hopes to generate annual revenue of $ 80 million, serving nearly 2 million students, he said in a statement Thursday.
He plans to use the proceeds to achieve his vision of providing affordable, quality education to 25 million students with annual revenue of $ 1 billion by 2026. The immediate focus would be on product and program innovation, growing its footprint and hiring top talent in all functions, co-founders Sumeet Yashpal Mehta and Smita Deorah said in the statement.
They said the valuation has doubled in the past nine months thanks to strong growth in its operational and financial metrics. The current cycle is its fifth round of institutional funding since 2017.
A spokesperson for the company told PTI that with the fifth round, cumulative equity jumped to $ 170 million.
Founded in 2012, Lead has transformed basic education in the country with its comprehensive solutions.
Over the years, it has made world-class education accessible and affordable for students, especially in non-metropolitan cities.
It combines technology, curriculum and pedagogy into an integrated teaching and learning system, thereby improving student learning outcomes and teacher performance in schools across the country.