LEAD, a Mumbai-based edtech unicorn, has raised $4.2 million (Rs 35 crore) from venture debt firm Alteria Capital in a debt round. After joining the unicorn club in January, this is the edtech firm’s first debt round this year.

According to media reports, LEAD’s board of directors has approved a special resolution to issue 3,500 Series A non-convertible debentures (NCD) to Alteria Capital at an issue price of Rs 1,000,000 per debenture in order to raise $4.2 million.

The edtech firm raised $100 million in a Series E funding round led by WestBridge Capital and GSV Ventures in January, at a valuation of $1.1 billion. LEAD became the first edtech unicorn of 2022, and the sixth edtech company to join the exclusive club.

After becoming a Unicorn, LEAD

Following its unicorn status, it announced a nearly $3 million employee stock ownership plan liquidation plan for its employees.

However, LEAD, like many other edtech companies, laid off 80-90 employees in August to cut costs.

The integrated school system offered by LEAD includes software, hardware, curriculum, books, a school kit, and training sessions. Debt financing fell 67.7 per cent month on month to $115.8 million in November, compared to $358.3 million in October—the highest level since 2022.