Leverage Edu just proved agility beats adversity in the study-abroad game. As visa crackdowns and diplomatic tensions shut down traditional routes from India to Canada and the U.S., the edtech startup pivoted fast - rerouting students to Germany and helping Canadian universities recruit from Nigeria. The moves paid off: revenue doubled to $20 million, the company turned profitable for the first time, and it's now expanding across 16 countries while eyeing a potential IPO in 2026.
When India-Canada relations hit rock bottom in 2023, thousands of Indian students watched their study-abroad dreams crumble. Visa applications stalled, university partnerships froze, and traditional consultants scrambled for answers. But Leverage Edu saw opportunity in the chaos.
The eight-year-old startup didn't just survive the diplomatic fallout - it thrived. While competitors struggled to adapt, Leverage quickly rerouted Indian students from Canada to Germany and simultaneously helped Canadian universities recruit from Nigeria. The strategy essentially salvaged student pipelines in both regions, turning a geopolitical crisis into a growth opportunity.
"Our gap has narrowed with most of our global competitors who were either large listed companies or who had raised some of these mega rounds," founder and CEO Akshay Chaturvedi told TechCrunch.
That agility is paying dividends. The Noida-based startup just closed fiscal 2025 with over ₹1.8 billion (around $20 million) in revenue - double the previous year's ₹900 million. More impressively, it turned profitable for the first time, generating ₹120-130 million ($1.4-1.5 million) after tax in a sector where profitability remains elusive for most players.
The turnaround represents a stunning 256% swing from fiscal 2025's ₹800 million loss. Between April and September alone, Leverage generated over ₹2 billion ($23 million) and projects hitting ₹3.7-3.8 billion ($45 million) by year-end.
Leverage's secret sauce lies in geographic diversification. The startup now operates across 16 source countries, placing over 10,000 students annually into universities across 11 destinations - up from just 1,500 placements a few years ago. That growth comes with impressive unit economics: 60% of student acquisitions cost zero in customer acquisition spend, according to Chaturvedi.
The company's expansion accelerated dramatically in recent months, adding Saudi Arabia, Egypt, Vietnam, and Malaysia to its roster. These emerging markets represent untapped demand pools where students seek international education but lack structured admissions support.
Revenue streams reflect this full-service approach. While 75% comes from core education placement and counseling services, 25% flows from platform businesses including Fly Finance for education loans, Fly Homes for student housing, and career placement services. Universities contribute 55% of total revenue through commissions, with students directly paying 20%.
Geographically, the numbers tell the pivot story. The U.K. remains Leverage's largest destination market at 52% of placements, followed by Germany at 22%. Italy emerged as the fastest-growing market this summer. Meanwhile, North America represents less than 5% of placements - reflecting tightened visa policies and diplomatic headwinds.
India still anchors the source side, generating 58% of total students. But Leverage is methodically expanding that base, focusing on high-migration states like Andhra Pradesh, Kerala, and Punjab while building presence across Latin America, Southeast Asia, and the Middle East.
The technology stack supporting this growth includes an AI-powered course search engine, university matchmaking tool UniConnect, and newly launched SaaS suite Univalley.ai for global universities. Adjacent verticals like Leverage MBBS target medical aspirants, while Compass handles broader career services.
With revenues climbing and global footprint expanding, investment bankers are already circling with IPO pitches, according to sources familiar with the discussions. Chaturvedi isn't ruling out a 2026 public listing in India, though he says the decision between IPO and external funding will come after hitting the $100 million revenue milestone.
Raising less than $50 million in equity to date, Leverage operates through over 50 offices across 27 countries with around 800 employees. The lean approach contrasts sharply with heavily funded edtech peers that burned through massive war chests during the pandemic boom.
Leverage Edu's story demonstrates how startups can turn geopolitical disruption into competitive advantage. While visa restrictions and diplomatic tensions created chaos across the study-abroad industry, the company's ability to rapidly pivot routes and diversify markets transformed crisis into opportunity. With profitability achieved, international expansion accelerating, and an IPO on the horizon, Leverage has positioned itself as a rare edtech success story in a sector littered with casualties. The bigger question now is whether this agility can sustain growth as the company scales toward its $100 million revenue target and potential public listing.
