Ed-tech company Leverage.biz, which runs the study abroad platform Leverage Edu, along with Fly.Finance & Fly Homes, has announced the completion of its second employee stock ownership plan (ESOP) buyback exercise.
According to Tracxn, Leverage.biz’s subsidiary Leverage Edu has secured a total funding of $58.3 million. In July 2023, Leverage Edu secured $40 million in a Series C funding round led by Educational Testing Service.
Commenting on this development, Founder & CEO Akshay Chaturvedi said, “Creating wealth for my teammates is perhaps one of the most important goals for me after our students’ success. I am ecstatic that we could do this.”
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He added that the company was ‘oversubscribed for the issue’ and did not have enough supply of shares on sale. A large majority sold less than a quarter of their vested shares, and some did not sell at all. “That, by far, gives me incredible belief about the culture we’ve built, and the confidence we collectively have in our ability to build a great business. This makes me want to do another round of ESOP rollout across the company,” added Chaturvedi.
The company reported that over 50 employees of the company across functions will benefit from this exercise.