School education startup Lead has become the second unicorn this year with a valuation of $1.1 billion after $100 million (about Rs 740 crore) funding by Westbridge Capital, GSV Ventures and Elevar Equity.
Lead has tied up with 5,000 schools across 500 towns/cities and expects to make an annual revenue run-rate of $80 million, serving close to 2 million students, it said in a statement on Thursday.
It plans to use the proceeds to achieve its vision of providing quality affordable education to 25 million students with an annual revenue run-rate of $1 billion by 2026. The immediate focus would be towards product and curriculum innovation, growth in its footprint and hiring top talent across functions, co-founders Sumeet Yashpal Mehta and Smita Deorah said in the statement.
They said the valuation has doubled in the last nine months on the back of strong growth in its operating and financial metrics. The current round is its fifth round of institutional funding since 2017.
A company spokesman told PTI that with the fifth round cumulative equity capital has jumped to $170 million.
Founded in 2012, Lead has been transforming core schooling in the country with its full-stack solutions.
Over the years, it has been making global-standard education accessible and affordable to students, especially in non-metro cities.
It combines technology, curriculum, and pedagogy into an integrated system of teaching and learning, thus improving student learning outcomes and teacher performance in schools across the country
