Edtech platform Leverage.biz has completed its second ESOP (employee stock ownership plan) buyback exercise.
The Delhi-based company, founded in 2017, runs the study-abroad platform Leverage Edu, the student finance platform Fly Finance, and the student accommodation platform Fly Homes.
“Creating wealth for my teammates is perhaps one of the most important goals for me after our students’ success … What took me by surprise was that we were oversubscribed for the issue and did not have enough supply of shares on sale. Large majority sold less than a quarter of their vested shares, and some didn’t sell at all,” said Akshay Chaturvedi, Founder and CEO, Leverage Edu.
According to the company, over 50 employees across functions have benefitted from this buyback.
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The ESOP buyback marks a significant milestone in Leverage’s journey, reinforcing the dedication to fostering an empowered and financially secure workforce, the company said in a statement.
With continued expansion and innovation across its platforms, the commitment remains strong to ensure that team members share in the success they help to create, it added.
According to data company Tracxn, while the parent company Leverage.biz remains unfunded, its subsidiary Leverage Edu has bagged a total funding of $58.3 million. In July last year, Leverage Edu secured $40 million in a Series C funding round led by Educational Testing Service.
Leverage Edu reported Rs 68.9 crore in revenue from operations in FY23, a 228% increase from the Rs 21 crore earned in FY22. However, Its loss widened 118.3% to Rs 102.8 crore in FY23 from Rs 47.1 crore incurred in the previous financial year.
Edited by Swetha Kannan
