Student mobility platform Leap raises $65 million; focus on AI, global expansion

International student mobility platform Leap has secured $65 million in its Series E funding round, a mix of primary and secondary equity. The round was led by Apis Growth Markets Fund III and Apis Global Growth Fund III, both managed by UK-based Apis Partners Group. Existing investors Owl Ventures, Jungle Ventures, and Peak XV Partners also participated.

The latest infusion takes Leap’s total equity funding to over $200 million since its inception in 2019. The company was last valued at $794 million in 2022, when it raised $75 million in its Series D round. While co-founder Arnav Kumar declined to disclose the updated valuation, reports suggest that Leap was in talks earlier for a larger funding round, which could have pushed it into the Unicorn club.

Unlike many start-ups raising larger rounds, Leap opted for a conservative fundraise. “We are always mindful of dilution. Since we are EBITDA positive, we do not require funding to sustain business operations,” said Kumar. “In fact, when we engage with investors at our current stage, many prefer larger ticket sizes — typically around $150 million. However, every dollar raised comes at the cost of dilution and ownership, so we must be strategic and cautious in our approach.”

Kumar also highlighted that Leap is now cash-generating, giving it the flexibility to raise capital selectively. The company, however, refrained from commenting on any potential IPO plans.

The newly-raised capital will be deployed in three key areas — AI-driven personalisation, talent acquisition, and global expansion — along with strategic acquisitions.

“The AI revolution happening today will allow us to deepen our existing offerings at a faster pace than ever before,” Kumar told Business Today.

Leap, which operates platforms like LeapScholar, LeapFinance, GeeBee, and Yocket, has built one of the world’s largest online communities of study abroad aspirants, with nearly two million students. The company provides services across the entire study abroad lifecycle, including international test prep (IELTS, TOEFL, SAT), admissions and visa counselling, and education financing solutions.

Initially focussed on India, Leap has aggressively expanded into the Middle East, Southeast Asia, Africa, and South America. The company plans to accelerate its presence in key markets like Malaysia and Taiwan, where student demand for international education is rising.

Co-founder Vaibhav Singh noted the company’s strong growth trajectory. “Students love Leap’s one-stop approach to their international education needs. We have witnessed 5x growth since our Series D round two years ago. Today, Leap is not only the study abroad platform of choice in India but is also scaling operations in over 10 countries. Building for the world from India is something we are very proud of.”

Apis Partners sees Leap as a key player in the future of global education. “We are thrilled to partner with Leap and to support its transformative approach to global education,” said Matteo Stefanel, Co-founder and Managing Partner at Apis Partners. “Leap is using technology to not only help students access the right educational opportunities but also equip them with the tools to succeed.”

Fellow Apis Co-Founder and Managing Partner Udayan Goyal emphasised the firm’s interest in embedded finance as a key investment theme. “We have been very impressed with the rate at which Leap has scaled since inception, serving thousands of students across 10 countries. This new partnership offers Apis an exciting opportunity to support Leap as it further expands its reach and continues to make a difference to its target demographics.”