The edtech startup LEAD has fully acquired Pearson India’s K-12 learning business. This means that LEAD can now reach more than five million students in India. With this purchase, LEAD will be able to offer complete edtech solutions to more than 60,000 schools across the country by 2026. The company announced the deal in January, but did not disclose the amount of funding. However, they revealed that both internal funds and new fundraising were used to finance the deal. Therefore, it is unclear how much money was contributed by each source. However, the acquisition followed LEAD’s second round of job cuts in five months, which resulted in the termination of about 60 employees from its tech and product teams. The 2012-founded startup offers schools in more than 400 Indian towns and cities integrated teaching and learning systems.
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It aids national schools by fusing technology, curriculum, and pedagogy. Prior to announcing the Pearson India deal, LEAD raised INR 35 crore ($4.7 million) from venture debt company Alteria Capital. In January 2023, it raised a total of about INR 160 crore through long-term capital and working capital financing. Banks like Standard Chartered, HDFC, and ICICI, as well as investors Alteria Capital and Stride Ventures, provided the funding. The acquisition of Pearson India’s K-12 learning business will further LEAD’s mission to transform India’s educational system.
Sumeet Mehta and Smita Deorah, the company’s founders, founded it with the intention of giving every child in India access to a high-quality education, regardless of their location or socioeconomic status. With the acquisition, LEAD will be in a better position to accomplish this objective and keep expanding its presence across the nation.