Leverage Edu, the Delhi-based platform that helps Indian students secure admission to overseas universities, has delivered one of the sharpest turnarounds in Indian edtech. The company more than doubled its operating revenue in the 2025-26 financial year and turned profitable at the EBITDA level, according to financial statements reported by Entrackr.
Operating revenue rose to ₹364.4 crore in FY26 from ₹173.3 crore a year earlier, a 2.1-fold increase. Net loss narrowed by about 82% to ₹19.4 crore from ₹105.7 crore, and EBITDA swung to a positive ₹2 crore from a loss of ₹83 crore in FY25.
Founder Akshay Chaturvedi said on October 18 that the company now plans to "increase its focus on artificial intelligence (AI), customer experience and marketing efficiency" as it expands into new markets.
Where the money comes from
Leverage Edu's largest business is student placement, in which it guides students through choosing courses, applying to universities and securing admission, earning commissions from partner institutions. That segment generated ₹281.8 crore, about 77% of operating revenue, up 2.3 times from the previous year.
Its financial services arm, Fly, which earns commissions on education loans, foreign exchange and student accommodation, roughly doubled its revenue to ₹59.6 crore. Product sales contributed ₹21.3 crore.
The geographic mix is notable. International markets contributed about ₹297 crore, more than 81% of revenue, up 2.3 times, while domestic revenue grew 60% to ₹67.4 crore. That reflects Leverage Edu's expansion beyond India into other source markets for international students.
Costs grew more slowly than revenue
Total expenditure rose about 39.4% to ₹390.8 crore from ₹280.4 crore, far slower than the growth in revenue. The largest expense was commissions paid to agents and partners, which rose 2.2 times to ₹114 crore, about 29% of total spending, reflecting the role of partner networks in recruiting students.
Employee costs rose a modest 14.1% to ₹73 crore, while spending on subscription and membership fees jumped to ₹67 crore from ₹11.8 crore. Advertising expenses fell 24.2% to ₹45.3 crore, a sign that the company is relying less on paid marketing as brand awareness and referrals grow.
The company still spent ₹1.07 for every rupee of operating revenue, and its return on capital employed was negative 15.8%. As of March 2026, it had current assets of about ₹160 crore, including about ₹31 crore in cash and bank balances.
AI and new markets
In an X post following the financial report, Chaturvedi outlined the company's priorities: greater use of technology, deeper university partnerships, careful cash flow management and new go-to-market initiatives.
Its AI suite, LE-AI, has started contributing to business functions. The company has introduced AI-based analysis of counselling sessions to help its advisers improve their performance, and plans to extend AI tools to students and partners.
Expansion into less competitive international markets has helped the company enter new destinations, and better brand awareness and referrals have lowered customer acquisition costs. However, the company acknowledges that local players retain an edge in several regions. Higher uptake of add-on services such as loans, housing and insurance has improved customer lifetime value and net promoter scores.
A shifting study-abroad landscape
Leverage Edu's growth has come during a turbulent period for international education. India has become one of the world's largest sources of international students, with hundreds of thousands of young Indians studying abroad each year. Their spending on tuition, living costs and services has created a large market for counselling, financing and support services.
Yet the traditional destinations have become more difficult. Canada, the United Kingdom, Australia and the United States have all tightened rules on student visas, post-study work rights or dependants over the past two years, in response to domestic political pressure over immigration. That has pushed students to consider alternatives such as Germany, Ireland, France, the Netherlands, Dubai and other destinations.
For platforms like Leverage Edu, those changes create both risk and opportunity. Tighter rules in major markets can reduce demand, but they also make students more reliant on expert advice to navigate complex requirements and identify new options. Diversifying into new destinations and new source markets beyond India helps reduce dependence on any single country's policies.
Funding and IPO ambitions
Leverage Edu was founded in 2017 and has raised nearly $90 million to date. Its most recent round was a $40 million Series C in July 2023, led by Blume Ventures and DSG Consumer Partners, which reportedly valued the company at about $300 million.
According to an Inc42 report from April 2026, the company is reportedly considering an initial public offering of ₹2,000 crore to ₹3,000 crore, combining a fresh issue and an offer for sale. The company has not confirmed those plans. Achieving EBITDA profitability would strengthen its case with public market investors, who have become more demanding about profitability among new-age companies.
The economics of study abroad advice
Study-abroad companies earn most of their revenue from commissions paid by universities for each student who enrols. That model aligns their incentives with institutions seeking international students, but it has drawn scrutiny in some countries, where regulators and universities have tightened oversight of education agents to ensure students receive impartial advice.
The add-on financial services business offers a second revenue stream. Students going abroad need education loans, foreign exchange, accommodation, insurance and sometimes help with banking, and platforms that can provide those services earn additional commissions while improving customer loyalty. For Leverage Edu, the doubling of Fly's revenue suggests that cross-selling is becoming an important part of the business.
What to watch
The next year will show whether Leverage Edu can turn its thin EBITDA margin of under 1% into meaningful profit while sustaining rapid growth. Key factors will include visa policies in major destinations, the success of its expansion into new markets and the extent to which AI tools can lower costs and improve outcomes for students.
For India's edtech sector, which suffered a painful correction after the pandemic boom, Leverage Edu's results offer a reminder that businesses tied to clear, high-value outcomes, such as admission to a foreign university, can grow profitably even as other segments struggle. For Indian students and families investing heavily in overseas education, the rise of tech-enabled advisers is changing how that journey begins.
For Indian families, who often spend large sums on tuition, living costs and travel for a child's foreign degree, the quality of advice and financing support can make a significant difference. Platforms that help students compare options, manage costs and avoid visa pitfalls are likely to remain in demand.
