LEAD becomes first edtech unicorn of 2022, raises $100 million in Series E round
– World Affairs SRS
The company says it focuses on improving a student’s schooling experience rather than serving as a complement to schooling like most other edtech start-ups. LEAD says it will enter academic year 22-23 and reach 5,000 schools in more than 500 cities in India with an annual revenue run-rate of $80 million – and 2 million students.
The company plans to use the proceeds to achieve its vision of providing quality affordable education to over 25 million students with an annual revenue run-rate of $1 billion.
Its immediate focus will be towards product and curriculum innovation, expanding its footprint and hiring top talent across various functions. In the long term, the company plans to go deeper into the country to serve students in low-fee schools and expand internationally in similar geographies.
Smita Devrah, co-founder of LEED, said, “A child spends 6 hours in school and only 1 hour in tuition classes. Transforming schools, when done right, has enormous potential to change the future of our nation. LEAD has achieved a new milestone in this direction with its integrated school system.
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