Angel investor Alok Mittal, Bain and Company partner Deepak Jain, Innov8 founder Ritesh Malik and California State University professor Jim Schimdktke have invested an undisclosed amount of seed money in ed-tech startup Leverage Edu.
In August, the company had raised another round of seed funding from a clutch of investors, including serial entrepreneur Kashyap Deorah and VRL Logistics MD Anand Sankeshwar, among others.
The startup seeks to solve career development challenges, which includes mentoring, access to college applications and job readiness, using artificial intelligence.
Founded by Akshay Chaturvedi and Rajiv Ganjoo, Leverage Edu claims to have helped 500-plus applicants get admission across top schools including Wharton, NYU Stern, Carnegie Mellon, IIM-Ahmedabad and GeorgiaTech.
“We have grown over seven times in revenues over the past eight months, and have closed our half-yearly books last month with significant net profit. We want to be the largest player in this space across the Indian subcontinent, West Asia and South-East Asia. We are also putting together a very solid core team,” said Leverage Edu co-founder and CEO Akshay Chaturvedi.
“Leverage’s technology-first approach to help build careers at scale is very promising. I am looking forward to closely working with Akshay and team to take this to the next level,” said Alok Mittal, angel investor, and a former Canaan Partners managing director, who had led investments in Bharat Matrimony and IndiaProperty.
The ed-tech sector has emerged as one of the most attractive segments for early-stage investors. At least four companies, such as Toppr, One Step Up, Vagupu, had raised funding in the past one month alone. The firms operates across various niche sectors such as career counselling, tuition and test preparation.
A recent report by Google and KPMG said that the Indian ed-tech space was set to grow to $2 billion by 2021.