As the demand for overseas learning begins to return amidst the pandemic, Outleap Technologies Pvt., a startup that helps Indians study abroad, has reportedly raised $75 million at a valuation of almost $1 billion.
Outleap’s valuation has doubled since a September fundraising and is nearing $1 billion, 37-year-old co-founder Vaibhav Singh said in a video interview, as per Bloomberg.
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Students from the country of 1.4 billion people (India) are entering overseas programs at an unprecedented rate, even after the Covid outbreak temporarily weighed on demand, 37-year-old Singh said. The startup Leap offers help with preparations for exams like TOEFL and SAT, assistance with visas, loans, international bank accounts and credit cards, as well as counselling to students targeting particular countries or universities.
A record number of students from India travelled abroad to study last year, mainly to the US, Canada, the UK and Australia, Singh said. “2022 is going to break the 2021 record and we’ll keep setting new highs for many many years to come,” he said, as per a Bloomberg report.
While education has always been a priority for Indian families, Leap is benefiting as demand for overseas study spreads beyond the country’s large cities, the co-founder said. “Education is not cyclical, motivation among families to do the best for the kids is high and 70% of our flow is from outside the 10 big Indian cities,” co-founder Singh reportedly said
For the uninitiated, the startup Leap was founded in 2019 by Singh and Arnav Kumar, who studied together at the Indian Institute of Technology Kharagpur and worked at Deutsche Bank AG.
The company is headquartered in San Francisco and has the bulk of its operations in Bangalore and Mumbai. The startup reportedly helped about 60,000 students travel overseas in 2021, its first full year of operation, and plans to triple the number to 175,000 this year.
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As per its website, Leap supports future leaders from India in their quest to study at the best global schools. Its team of global study experts and student mentors guide you in various tasks like choosing the right university, helping with your application, financing counselling and lining up job interviews.
“The demand is overwhelming,” co-founder Singh said. “The largest edtech businesses will be built out of India as technology helps startups improve access, quality and global distribution.”
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Also, the recent funding has taken the startup near the unicorn status. Owl Ventures led the funding round, with Steadview Capital and Paramark Ventures, as well as existing investors Jungle Ventures and Sequoia Capital India, participating, the company, known by its brand name Leap, reportedly said yesterday in a statement.
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