Leap, a startup dedicated to assisting students in studying abroad, is set to intensify its international expansion efforts, including potential acquisitions, following a successful $65 million fundraising round led by Apis Partners Group (UK) Ltd. According to company officials, approximately 80% of the funds raised in this round came from new investors, such as Apis Growth Markets Fund III and Apis Global Growth Fund III. The capital will be utilized to penetrate markets in China, Malaysia, and Taiwan, while also strengthening its presence in Bangladesh, Sri Lanka, West Asia, and Southeast Asia.
Co-founder Arnav Kumar stated, “We are currently operating in 11 countries, including India, and our strategy is to deepen our market presence due to robust demand. We are also venturing into new markets like Taiwan, China, and Malaysia, which is a key motivation for this funding round.”
This funding round follows a $75 million Series D raise in June 2022. While Kumar did not disclose the startup’s current valuation, it was previously valued between $850 million and $900 million.
Leap is also looking to acquire companies to facilitate its expansion, particularly in China and India. Kumar mentioned, “We have resources available for acquisition opportunities that may arise. We are observing consolidation across various industries, especially those leveraging AI and data. India is a significant market, and China presents substantial opportunities as well. A scalable solution in these regions would be appealing.”
Kumar emphasized the importance of enhancing Leap’s technological capabilities post-fundraise. “We are enthusiastic about companies developing innovative products using cutting-edge technology and are open to opportunities globally. One of our priorities is to focus on product innovation, utilizing AI to continually lower information search costs for students.”
Additionally, Leap aims to broaden its offerings to include law and medicine. Founded in 2019 by Vaibhav Singh and Kumar, Leap provides test preparation apps for IELTS, TOEFL, and SAT, along with admissions and visa counseling, financial services through LeapScholar, LeapFinance, and Yocket, and value-added services such as accommodation assistance. The company also helps with international bank accounts, credit cards, and money remittance.
Value-added services account for about 10% of Leap’s revenue, with the majority stemming from counseling and financing, where counseling generates slightly more revenue than financing, according to Kumar.
To date, Leap has raised over $200 million in equity from investors including Jungle Ventures, Owl Ventures, and Peak XV Partners, who also participated in the latest funding round. This recent fundraising comes at a time when the interest in studying abroad has surged among various edtech companies, marking it as a significant growth area.
