Study abroad platform Leverage Edu delivered strong top line growth in FY25, but rising marketing and commission costs pushed its losses beyond ₹100 crore. The Delhi-based edtech startup reported a 91% year-on-year surge in operating revenue to ₹173 crore in the fiscal year ended March 2025, up from ₹90.6 crore in FY24, according to filings with the Registrar of Companies (RoC).
However, rapid expansion came at a cost. Net loss widened 56% to ₹106 crore in FY25 from ₹68 crore in FY24.
Revenue Mix Shifts as Financial Services Scales
Founded in 2017 by Akshay Chaturvedi, Leverage Edu offers counselling, admissions support, and financial services for students seeking higher education abroad across destinations such as the UK, US, Germany, Canada, and Dubai.
Student placement services contributed 70% of total operating revenue in FY25, generating ₹120.6 crore a 65% growth over FY24. In comparison, the segment accounted for over 90% of revenue in the previous year, indicating increasing diversification.
The company’s Fly business, launched in late 2022, generated ₹29.7 crore in FY25, more than doubling year-on-year. The segment earns commissions by facilitating student loans, forex services, and accommodation arrangements. Additionally, Leverage Edu recorded ₹21.2 crore from product sales and ₹4.9 crore from other operating and non-operating income, taking total income to ₹177 crore.
India contributed 76% of total revenue in FY25, while international markets accounted for 24%. This marks a reversal from FY24, when overseas markets generated nearly 78.5% of revenue.
Costs Surge on Marketing and Commissions
Total expenditure rose 73% to ₹280 crore in FY25 from ₹162 crore in FY24. Advertising and promotional expenses more than doubled to ₹59.8 crore, while commissions paid to selling agents surged 2.6X to ₹51.2 crore.
Employee benefit expenses stood at ₹64 crore, rising modestly by 7% year-on-year. Other expenses including IT, legal, rent, and depreciation further weighed on margins.
The company reported an EBITDA loss of ₹83 crore in FY25, with EBITDA margin at -47.4%. On a unit basis, it spent ₹1.62 to earn ₹1.
Backed by Blume Ventures and DSG Consumer Partners, Leverage Edu has raised around $70 million to date and was last valued at approximately $140 million.
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