Leverage.biz, the operator of the study abroad platform Leverage Edu, Fly. Finance, and Fly Homes, has successfully completed its second Employee Stock Ownership Plan (ESOP) buyback exercise.
This move has benefited more than 50 employees across various functions within the company. However, the specific amount involved in the stock buyback was not disclosed.
Founded seven years ago, Leverage Edu provides comprehensive services, including counseling, application-admission support, and financing for students pursuing international education. The company assists students from countries such as India, Nigeria, and Nepal.
In July last year, Leverage Edu secured $40 million through a mix of debt and equity, led by Educational Testing Service (ETS). To date, the company has raised approximately $70 million across various funding rounds and was last valued at around $150 million. According to startup data intelligence platform TheKredible, Blume Ventures holds the largest external stake in Leverage Edu with 16.9%, followed by Tomorrow Capital and DSG Consumer Partners.
The company’s revenue from operations saw a significant increase, spiking 228% to ₹69 crore in FY23 from ₹21 crore in FY22. Concurrently, its losses grew by 70% to ₹103 crore in FY23, up from ₹47 crore the previous year.
In the broader landscape, Indian startups collectively facilitated nearly $802 million in ESOP buybacks in 2023. This compares to $440 million in 2021 and $200 million in 2022. Other companies that have completed ESOP buyback schemes in 2024 include Urban Company, MyGate, Classplus, Meesho, The Sleep Company, XYXX, and Pocket FM.
Leverage Edu’s latest ESOP buyback underscores its commitment to rewarding and retaining its talent pool, reflecting the company’s robust growth trajectory and strategic focus on employee engagement.
