Edtech unicorn LEAD clocks Rs 370 Cr revenue in FY24

Westbridge-backed edtech unicorn LEADhas clocked a revenue of Rs 370 crore in FY 2023-24, marking a 25% year-on-year growth while slashing its cash burn by 65%, it said in a statement.

The Mumbai-based firm noted that it achieved EBITDA positivity in Q1 FY 2024-25 and is on course to reach EBITDA break-even for the full fiscal year, steadily advancing on its journey toward profitability. EBITDA, or earnings before interest, taxes, depreciation and amortisation, is a measure of core operational efficiency.

The school edtech company did not disclose its FY24 losses, expenditure, or other financial figures in the statement.

The pureplay B2B edtech firm had reported a loss of Rs 321.9 crore in FY23, down 18.5% year-over-year. However, its overall expenditure was up 14.7% to Rs 617.4 crore during the same period.

“Our strong results are due to our single-minded focus on improving classroom learning by implementing the guidelines of National Curriculum Framework 2023,” Sumeet Mehta, Co-founder and CEO of LEAD Group, said in a statement.

The National Curriculum Framework 2023 provides guidelines for holistic, flexible, and competency-based education in India, in line with the National Education Policy (NEP) 2020. The NEP, which replaced the 1986 National Policy on Education, was approved to usher in large-scale, transformational reforms across school and higher education sectors.

Earlier this year, LEAD appointed Arpit Jain as Chief Financial Officer and Arvind Singhal as Chief Growth Officer to bolster its leadership team. These strategic hires were aimed at driving expansion into new regions through new school partnerships and growth within its current school networks.

Founded in 2012 by Mehta and Smita Deorah, LEAD provides a comprehensive system that includes software, hardware, curriculum, books, school kits, and training sessions. The company serves over 8,000 schools, 50,000 teachers, and 35 lakh students across 400 towns and cities in India.

In 2023, LEAD expanded into the high-fee school segment by acquiring London-based firm Pearson’s local K-12 learning business. In July 2023, the company also entered the low-fee school segment in India, intending to enhance learning outcomes for 25 million students across 60,000 schools by 2028.

According to Tracxn, LEAD has raised over $171 million to date. In January 2023, it raised $20 million in debt, following a $4.2 million debt round from Alteria Capital in December 2022. 

Earlier in 2022, the edtech company raised $100 million in a Series E round led by WestBridge Capital and GSV Ventures at a valuation of $1.1 billion.