Debt

Debt financing

Edtech unicorn Lead raises $20-M from venture debt firms, banks

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Mumbai-based edtech unicorn Lead has raised about USD 20 million (INR 160 crore) from venture debt firms and banks. Participants in the financing include Stride Ventures and Alteria Capital. Working capital financing came from Standard Chartered Bank, HDFC Bank, and ICICI Bank. Lead plans to use the fresh capital to help finance its organic and inorganic growth. Last week, Lead acquired the India K-12 learning business of London-headquartered Pearson. Last month, Lead raised USD 4.2 million in a debt round from venture debt firm Alteria Capital. In January 2022, it raised USD 100 million in a Series E funding round led by WestBridge Capital and GSV Ventures at a valuation of USD 1.1 Billion. Lead's standalone loss widened over three-fold to INR 397.1 crore in the financial year 2021-22 from INR 126.1 crore in 2020-21. Its revenue more than doubled to INR 133.2 crore in FY22.