Leverage Edu’s Parent Company Completes Second ESOP Buyback

Leverage.biz, the parent company of the edtech platform Leverage Edu, has successfully completed its second ESOP (employee stock ownership plan) buyback exercise. The company, founded in 2017, also operates the study-abroad platform Leverage Edu, the student finance platform Fly Finance, and the student accommodation platform Fly Homes.

“Creating wealth for my teammates is perhaps one of the most important goals for me after our students’ success,” said Akshay Chaturvedi, Founder and CEO of Leverage Edu. “What took me by surprise was that we were oversubscribed for the issue and did not have enough supply of shares on sale. Large majority sold less than a quarter of their vested shares, and some didn’t sell at all.”

The buyback has benefitted over 50 employees across various functions, marking a significant milestone in Leverage’s journey. The initiative underscores the company’s dedication to fostering an empowered and financially secure workforce. “With continued expansion and innovation across its platforms, the commitment remains strong to ensure that team members share in the success they help to create,” the company said in a statement.

According to data company Tracxn, while the parent company Leverage.biz remains unfunded, its subsidiary Leverage Edu has received a total funding of $70 million. In July last year, Leverage Edu secured $40 million in a Series C funding round led by Educational Testing Service. The company reported Rs 68.9 crore in revenue from operations in FY23, a 228% increase from the Rs 21 crore earned in FY22. However, its loss widened 118.3% to Rs 102.8 crore in FY23 from Rs 47.1 crore incurred in the previous financial year.