Ex-bankers’ study-abroad startup nears US$1 bil unicorn status

22/6/2022 4:49:00 PM

Ex-bankers’ study-abroad startup nears US$1 bil unicorn status - Bloomberg

Ex-bankers’ study-abroad startup nears US$1 bil unicorn status - Bloomberg

BANGALORE (June 22): Outleap Technologies Pvt Ltd, a startup that helps Indians study abroad, raised US$75 million at a valuation of almost US$1 billion as demand for overseas learning returns following the pandemic.Owl Ventures led the round, with Steadview Capital and Paramark Ventures, as well as existing investors Jungle Ventures and Sequoia Capital India participating, the company, known by its brand name Leap, said Wednesday in a statement. Its valuation has doubled since a September fundraising and is nearing US$1

BANGALORE (June 22): Outleap Technologies Pvt Ltd, a startup that helps Indians study abroad, raised US$75 million at a valuation of almost US$1 billion as demand for overseas learning returns following the pandemic.Owl Ventures led the round, with Steadview Capital and Paramark Ventures, as well as existing investors Jungle Ventures and Sequoia Capital India participating, the company, known by its brand name Leap, said Wednesday in a statement. Its valuation has doubled since a September fundraising and is nearing US$1 billion, co-founder Vaibhav Singh, 37, said in a video interview.

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A BANGALORE (June 22): Outleap Technologies Pvt Ltd, a startup that helps Indians study abroad, raised US$75 million at a valuation of almost US$1 billion as demand for overseas learning returns following the pandemic.A DOHA (June 22): Two high-tech Airbus A350 jets sit idle with their windows taped and engines covered in a floodlit hangar in the Gulf, hobbled by an international legal dispute between European industrial giant Airbus and Qatar's national carrier.A BERLIN (June 21): MSP Recovery Inc was valued at almost US$33 billion prior to going public last month, making the healthcare-litigation company the most expensive US special-purpose acquisition company (SPAC) deal ever, at least on paper.A DOHA (June 22): Two high-tech Airbus A350 jets sit idle with their windows taped and engines covered in a floodlit hangar in the Gulf, hobbled by an international legal dispute between European industrial giant Airbus and Qatar's national carrier.

Owl Ventures led the round, with Steadview Capital and Paramark Ventures, as well as existing investors Jungle Ventures and Sequoia Capital India participating, the company, known by its brand name Leap, said Wednesday in a statement. Its valuation has doubled since a September fundraising and is nearing US$1 billion, co-founder Vaibhav Singh, 37, said in a video interview. But a rare on-site visit by Reuters journalists showed what appeared to be evidence of damage to the surface of wing tips, tail, and hull. Students from the country of 1.3 billion after the shares collapsed more than 85% since its blank-cheque merger closed and regular trading began, and the drama did not end there.4 billion people are entering overseas programmes at an unprecedented rate, even after the Covid outbreak temporarily weighed on demand, Singh said. The planes were grounded by Qatar's regulator after premature paint erosion exposed damage to a metallic sub-layer that provides protection to the fuselage from lightning strikes. Leap offers help with preparations for exams like TOEFL and SAT, assistance with visas, loans, international bank accounts and credit cards, as well as counseling to students targeting particular countries or universities. Other airlines continue to fly the A350 after European regulators declared the aircraft safe.

A record number of students from India traveled abroad to study last year, mainly to the US, Canada, the UK and Australia, Singh said. Reuters journalists were granted rare first-hand access after requesting the visit on the sidelines of an airline industry meeting in the Qatari capital, Doha, this week. On Friday, MSP founder John H Ruiz and his business partner revealed they were lending the company US$113 million to plug the shortfall. “2022 is going to break the 2021 record and we’ll keep setting new highs for many many years to come,” he said. While education has always been a priority for Indian families, Leap is benefiting as demand for overseas study spreads beyond the country’s large cities, the co-founder said. In some areas, the protective lightning mesh that sits between the hull and the paint appeared exposed and corroded. “Education is not cyclical, motivation among families to do the best for the kids is high and 70% of our flow is from outside the 10 big Indian cities,” Singh said.. Leap was founded in 2019 by Singh and Arnav Kumar, who studied together at the Indian Institute of Technology Kharagpur and worked at Deutsche Bank AG. The paint on the tail of one of the A350s emblazoned with Qatar Airways' maroon Arabian Oryx emblem was pockmarked by cracked and missing paint that exposed the layer beneath. The paint on the tail of one of the A350s emblazoned with Qatar Airways' maroon Arabian Oryx emblem was pockmarked by cracked and missing paint that exposed the layer beneath.

The company is headquartered in San Francisco and has the bulk of its operations in Bangalore and Mumbai. It helped about 60,000 students travel overseas in 2021, its first full year of operation, and plans to triple the number to 175,000 this year. Erosion Airbus acknowledges quality flaws to the A350s, but denies they pose any safety risk because of the amount of backup systems and tolerance built into design." The inauspicious start reveals a lot about the high costs of going public via a SPAC and the contortions required to close a deal. “The demand is overwhelming,” Singh said. “The largest edtech businesses will be built out of India as technology helps startups improve access, quality and global distribution. Airbus has argued that some paint erosion is a feature of the carbon-composite technology used to build all modern long-haul jets — a necessary trade-off for weight savings.” Subscribe to Mid-day email alert We deliver news to your inbox daily . Founded in 2014, MSP seeks to identify instances where the wrong healthcare payer has been billed, acquires those claims, and then tries to recover the money through through the courts. It said the cracks are caused by the way paint, anti-lightning material called ECF, and the composite structure interact.