Study Abroad Platform Leverage Edu Sets Sights On ₹3,000 Cr IPO

Study-abroad startup Leverage Edu has begun formal discussions with domestic and international investment bankers for a public offer, according to a report. Leverage Edu IPO is aiming to raise between INR 2,000 – 3,000 crore, seeking a valuation north of USD 900 million—a steep climb from its last private valuation of approximately USD 140 million. Leverage Edu IPO listing is slated for a 12 to 18-month window.

Leverage Edu IPO: Financial Turnaround

To understand the timing of this IPO, one must look at the dramatic shift in the company’s unit economics over the last 24 months.

In FY25, Leverage Edu posted a net loss of INR 106 crore on a revenue of INR 173 crore. At that time, the company was spending INR 1.62 to earn a single rupee of revenue, fueled by high advertising spends and agent commissions.

However, FY26 paints a starkly different picture:

Revenue: Soared 112% to INR 375 crore.
Profitability: The company turned EBITDA positive, marking an INR 85 crore improvement in its bottom line.
Cost Efficiency: While the scale quadrupled over two years, marketing and personnel costs rose by only 50%, and corporate overheads remained nearly flat (under 10% growth).

What is catching the eye of institutional investors is Leverage Edu’s evolution from a simple admissions consultancy into a full-stack “talent mobility” platform. The company has successfully diversified its revenue streams, reducing its dependence on student placement from 90% in FY24 to roughly 67% in FY26.

This “horizontal stack” includes:

Fintech (Fly): A remittance arm that processed INR 2,000 crore in transaction value last year.
Accommodation: A vertical that saw 108% YoY growth, catering to the logistical needs of its 175,000-strong user base.
Career Support: A strategic pivot into AI-led workforce mobility, helping professionals secure international placements in sectors like healthcare.

Leverage Edu IPO Structure and Valuation Benchmarks

Leverage Edu IPO is expected to be a combination of a fresh issue of shares—providing the company with growth capital for AI development and international expansion—and an Offer for Sale (OFS), allowing early backers like Blume Ventures and DSG Consumer Partners to partially exit. Bankers are reportedly positioning Leverage Edu alongside high-multiple platform players like Zomato and ixigo.

Market Context
Leverage Edu is entering a crowded but vibrant IPO corridor. With over 20 tech companies having filed their Draft Red Herring Prospectuses (DRHPs) with SEBI this year, the Indian markets are seeing a resurgence of “New India” stocks.
However, challenges remain. The company must navigate:
Regulatory Volatility: Changes in student visa policies in the UK, Canada, and Australia can impact the core business.
Execution Risk: Balancing a 15-city offline “Experience Centre” strategy with an aggressive digital AI pivot.
Rajat Bhati has a strong technical background and 5 years of experience in the stock market. He focuses on equity research, technical analysis, IPO valuations, and risk management, helping investors make clearer, data-backed decisions. Today, he works full-time to educate people about the opportunities in IPO market.