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Exclusive: Leap Finance in talks to raise $100 Mn; seeks over $1 Bn valuation

EntrackrEntrackr · 1y ago
Exclusive: Leap Finance in talks to raise $100 Mn; seeks over $1 Bn valuation
Medial

Leap Finance, a fintech platform for Indian students pursuing higher education overseas, is in talks to raise around $70–100 million in a new round, according to two sources aware of the development. The company is seeking fresh investment after more than two years of its Series D round. “Leap has been doing well for the past two years which attracted interest from several investors including internals,” said one of the sources requesting anonymity as talks are private. “The firm is in talks with at least three new investors to raise up to $100 million in Series E round.” Leap is likely to become a unicorn with this round, said sources. San Francisco-incorporated Leap last raised $75 million in its Series D round led by Owl Ventures with participation from Steadview, Paramark Ventures, Jungle Ventures and Peak XV in June 2022 in a valuation range of $850-900 million. Its exact valuation, shareholding and revenue couldn’t be ascertained as the firm parent entity isn’t registered in India. “The terms of the deal are currently being negotiated with two of the three new investors and Leap would finalise lead for the new round in a few weeks,” said another source who also wished not to be named. “It’s seeking $1 to 1.2 billion valuation in the Series E.” Sources assert that Leap has grown multi-fold since its Series D round. The firm enables educational loans for students keen on pursuing education in overseas universities. It offers test prep apps for IELTS, TOEFL, SAT; admissions and visa counseling as well as financial offerings through LeapScholar, LeapFinance, and Yocke. It also assists with international bank accounts, credit cards, and money remittance. “The new round will be a mix of primary and secondary capital, and some early investors including angels may take partial or full exit from the company,” said the source quoted above. Leap has declined to offer comment on the story. Queries sent to Owl Ventures, Jungle Ventures, Steadview and Peak XV did not elicit any response until publication of the story. The five-year-old firm has raised $175 million until Series D round and claims to have funded more than 3,000 students since 2021. It largely focuses on institutes in the US, Canada, UK and Australia. While edtech startups have been struggling to raise funds for the past couple of years, overseas education-focused finance platforms have cornered decent funding during the period. As per data compiled by TheKredible, Leap and its competitors such as Auxilo, Avanse Financial, Financepeer, Propelld, Grayquest, and Eduvanz collectively cornered around $500 million in the last 24 months. The strong preference to study abroad for superior exposure is a significant growth driver for companies like Leap, Leverage Edu, and CollegeDekho. Incred, a prominent player in the overseas educational loan space, reported that such loans accounted for 21% of its total disbursal in FY24. According to InCred’s founder, Bhupinder Singh, the growth prospects and increasing awareness in this segment have contributed to its [overseas educational loan] rapid expansion.

KKR-owned Leap India converts to public company, appoints independent directors

EntrackrEntrackr · 17d ago
KKR-owned Leap India converts to public company, appoints independent directors
Medial

Exclusive: KKR-owned Leap India converts to public company, appoints independent directors Logistics solutions startup Leap India is all set to convert into a public company, signalling plans to file for an initial public offer (IPO). LEAP India was reportedly eyeing a Rs 1,000 crore IPO in 2022, but the plans were later delayed after the entity was acquired by KKR. The board of Leap India passed a resolution to change its status to a public company and rename it from “Leap India Private Limited” to “Leap India Limited”, as per its regulatory filing accessed from Registrar of Companies (RoC). In line with regulatory requirements, the company has also appointed Harinarayanan Nair and Sanjiv Gupta as independent directors to strengthen its board and governance structure as it transitions into a listed entity. With over 30 years of experience in the logistics sector, Nair has held key positions at multiple companies including Wipro Pari, Signode, and ITW India. Gupta, Founder and Chairman of Bluwheelz, has also held leadership roles at Coca-Cola and SpiceJet. Founded in 2013 by Sunu Mathew, Leap India specializes in supply chain solutions, providing services such as equipment pooling, packaging, inventory management, transportation, and repair and maintenance. It caters to clients across industries including e-commerce, consumer durables, beverages, and automotive. According to startup data intelligence platform TheKredible, Leap India has raised over $180 million to date including a $63 million round raised in December 2024 led by KKR with the participation of Sixth Sense Ventures, FirstBridge India and others at a valuation of $600 million. KKR holds a controlling stake of 78.64% in the Mumbai-based firm. The global investment firm acquired the majority stake in Leap India in 2023 through a combination of primary and secondary investments. In January this year, Leap India acquired supply chain company CHEP India Private Limited (CIPL). The acquisition involved the transfer of CIPL’s assets, customer base, and team to Leap India. For the fiscal year ended March 2024, Leap India reported a 44% increase in operating income to Rs 365 crore from Rs 253 crore in the previous fiscal. Its profit also surged 4X to Rs 37 crore during the same period.

Former Shopify and Wix leader Vargab Bakshi joins GoKwik as Chief Growth Officer

EntrackrEntrackr · 11d ago
Former Shopify and Wix leader Vargab Bakshi joins GoKwik as Chief Growth Officer
Medial

GoKwik, an e-commerce enablement startup, has appointed Vargab Bakshi as Chief Growth Officer to lead its global expansion, marketing, partnerships, and product-led growth initiatives. Vargab will drive the company’s growth charter across its software suite, including apps on Shopify and other platforms. Prior to joining GoKwik, Vargab held leadership roles at Shopify and Wix. At Shopify, he was part of the founding India team and led the go-to-market strategy for India and emerging markets, building the APAC partner ecosystem. At Wix, he served as VP and Country Head for India, overseeing marketing, enterprise sales, and product localization. He also built GrowKwik, a content-led learning platform by GoKwik, with over 500,000 followers. GoKwik supports over 12,000 brands such as Lenskart, Neeman’s, Shoppers Stop, and Man Matters. It recently raised $13 million in a growth round led by RTP Global, with participation from existing investors. The company has a shopper network of 130 million and offers multiple products to help D2C brands increase conversions across the e-commerce funnel.

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