~Funding led by WestBridge Capital with participation from GSV Ventures, firm values at $1.1 billion~
Mumbai, India, January 13, 2022 /CNW/ — CHIEF, india largest school EdTech player, raised the United States $100 million to a valuation of $1.1 billion pursue its mission of transforming schools into India. This funding is making history on multiple fronts
The Series E funding round was led by WestBridge Capital and GSV Ventures, making it one of their largest investments in EdTech to fuel the company’s ambitious vision of providing a great education for every child.
While most other EdTech companies offer further education from K-12 or higher education, LEAD is the only EdTech unicorn focused on transforming basic education into India with its integrated technological solutions. The company has seen rapid adoption over the past 4 years and will enter the 22-23 school year with 5000 schools in over 500 cities in India with an annual turnover of $80 million. It will serve nearly 2 million students and is unique in that it engages and delivers measurable improvement in student learning outcomes in schools.
The company plans to use the proceeds to achieve its vision of providing affordable, quality education to more than 25 million students with an annual revenue rate of $1 billion. The immediate focus would be on product and program innovation, growing its footprint and hiring top talent across all functions. In the long term, the company plans to go further into the country to serve students from less expensive schools and to expand internationally in similar geographies.
LEAD co-founders Sumeet Yashpal Mehta and Smita Deora said: “A child spends 6 hours in school and only 1 hour in tuition. Transforming schools, when done right, has enormous potential to change the future of our country. LEAD, with its integrated school system, has innovated in this direction. We believe that in EdTech, Saraswati precedes Lakshmi. We have been focused on the learning outcomes and success of our students. And this has resulted in not only high adoption and retention by schools, but also the interest of investors who appreciate returns with real impact. We’re extremely grateful to our team of LEADers for staying true to our mission and helping to expand LEAD to every corner of the country. And we are fortunate to have the trust and support of partners such as WestBridge, Elevar Equity and GSV on this journey. It’s a small step in our quest for a great education for every child.”
Managing Director of WestBridge Capital Sandeep Singhal said, “We are extremely proud of LEAD’s success as the largest provider of educational school technology in India. LEAD’s growth over the past year, despite COVID-related disruptions, underscores its consumer-centric approach and deep focus on learning outcomes. We are delighted to double our investment in LEAD, to support its mission to transform the education sector into India and touching the lives of millions of students.”
Deborah Quazzo, Managing Partner of GSV Ventures said, “LEAD has become the benchmark for transforming K-12 education in India. The company acts as Intel’s Inside for Affordable Schools and guarantees 70%+ fluency in all subjects and grades for low/middle income students and exceeds the guarantee. At GSV, we believe the Proficiency Guarantee is a game-changing offering in the K12 educational space and has the potential to be societally transformational for students. With this strong and unique value proposition and its outstanding management team, LEAD is well on its way to becoming the largest and most influential School EdTech company in the world.”
The company’s valuation has doubled over the past 9 months thanks to strong growth in its operational and financial metrics. The current round is its fifth round of institutional funding since 2017.
Founded by Sumeet Yashpal Mehta and Smita Deora in 2012, LEAD transformed basic education into India with its innovative full-stack School EdTech solution. Over the years, LEAD has made global standard education accessible and affordable for students, especially in non-metropolitan cities. The curriculum of a school powered by LEAD is compared to the best in the world, including schools of Singapore, Canada and United States.
LEAD is india major player in the School EdTech category promoted by Sumeet Yashpal Mehta and Smita Deora, with the mission of transforming school education into India. It combines technology, curriculum, and pedagogy into an integrated system of teaching and learning, improving student learning outcomes and teacher performance in schools across the country. LEAD’s innovative and highly effective integrated learning system greatly enhances the role of schools, teachers and parents in promoting the growth and overall development of every child by providing a quality education.
View original content: https://www.prnewswire.com/news-releases/lead-indias-largest-school-edtech-major-becomes-first-edtech-unicorn-of-2022-after-raising-100-mn – 301460291.html
View original content: http://www.newswire.ca/en/releases/archive/January2022/13/c3982.html