LEAD School, a Mumbai-based edtech startup that transforms affordable private schools via its Integrated System, has raised $28 million in Series C funding round led by WestBridge Capital.
The company’s existing investor Elevar Equity has also participated in the funding round. Elevar Equity had led both the previous Series A and B rounds, and remains a major stakeholder in the company.
Founded in 2012 by Sumeet Mehta and Smita Deorah, LEAD School offers integrated curriculum and technology solutions to affordable private schools enabling them to impart better and advanced education. The company is currently partnering with over 800 affordable private schools, serving more than 3 lakh students in over 300 cities, including tier 2 to tier 4 cities and towns.
LEAD School has developed its own high-quality learning content for students, teaching resources for teachers, technology integrations for schools to monitor the performance of students and a platform where parents can monitor their child’s academic performance.
Speaking about the company and its mission, Sumeet Mehta, Co-founder and CEO, LEAD School, said,
“We aim to democratize excellent learning by transforming schools in Tier 2-3-4 towns where the majority of Indian lives. Our belief is that every child, irrespective of their economic background or location of birth, should have access to an excellent education. Lead Schools partners with affordable private schools to transform them into centres of excellent learning through our Integrated System.”
Mehta added that in the last 3 years, the company has seen rapid adoption by schools and class averages improvement from below 60% to above 70%. He said that the new funding will help them bring more innovation and reach more students and schools.
The company plans to use the latest funding to target more private schools in Tier 2 cities and beyond. It also plans to grow its sales channels, sign up new customers, and enhance its technology offerings to help schools better monitor and improve student learning outcomes.
Commenting on the funding, Sandeep Singhal, Managing Director, WestBridge Capital, said
“In the last few months, the edtech sector has evolved rapidly, changing the trajectory of the Indian education system multifold. We see great potential in LEAD School, given their innovative and focused approach in ensuring accessible, quality school-level education for all. As a firm, we believe in investing in ventures that have a large scale impact and are convinced Lead School will create strong positive impact on the educational outcomes of millions of young minds.”
LEAD School said the COVID-19 pandemic has strengthened its position in the market, with schools having to immediately switch to online learning. It said that its client schools were able to complete the year’s curriculum because of the structured learning system that it had already put in place. The Mumbai-based startup claims to have grown its network of schools from 150 to 800 in the past one year, and it hopes to retain the growth momentum this year.