Leap, an overseas education-focused guidance and financing platform, on Wednesday said it has raised $65 million (about Rs 560 crore) in its Series E round led by London-based private equity firm Apis Partners.
Around 80% of the capital was primary infusion, while the rest was 20% was secondary, the company told VCCircle in reply to a query.
“Embedded finance is a key investment theme for Apis which has the ability to transform lives,” said Udayan Goyal, Co-Founder and Managing Partner at Apis Partners. “We have been very impressed with the rate at which Leap has already scaled since inception, serving thousands of students across 10 countries.”
Apis Partners, which makes growth-stage investment in financial services and technology sectors, invested through two vehicles Apis Growth Markets Fund III and Apis Global Growth Fund III, while its existing investors Silicon Valley-based Owl Ventures, Singapore-headquartered Jungle Ventures and domestic venture capital firm Peak XV Partners also participated in the round.
“This funding round will enable the company to scale faster, innovate deeper using AI, and bring international education to even more people across the world. And just beyond India, this partnership also marks a step towards building stronger global relations, blending APIs’ international expertise with our local insights,” the company told VCCircle
The round also bolsters the company’s coffers in case it wants to go for any M&A.
“We're well-prepared for any acquisition opportunities that may arise. We're observing consolidation across various countries, particularly through the strategic use of AI and data,” the company said.
The latest funding round comes less than three years after Leap closed its Series D round in June 2022. At the time, Owl Ventures led Leap’s $75 million round, with participation from investors including Steadview Capital, Paramark Ventures, Jungle Ventures and Peak XV (Sequoia Capital India). Its Series C round was in 2021, when it secured $55 million (Rs 400 crore) led by Owl Ventures.
The company refused to comment on the possibility of it becoming a unicorn, considering that last round itself was about $850 million.
Bengaluru-based Leap was set up in 2019. Since its inception, it has raised over $200 million in equity. The group operates a full-stack international student mobility platform through LeapScholar, LeapFinance, GeeBee and Yocket. It offers end-to-end services for students pursuing international education and careers including counselling services, visa services, education loans, and other modern financial products and solutions.
The company currently has operations across 10 countries and plans to expand into more with the latest round of capital infusion.
“Having built the underlying infrastructure for global student mobility, Leap has now proven scale across multiple dimensions,” said Vaibhav Singh, Co-Founder of Leap. “We have launched many industry-first products and experiences to make the student journey seamless. The AI revolution we are seeing today will allow us to continue to deepen our existing offerings at a faster pace than ever before.”