
The number of Indian students choosing to study abroad has seen a significant decline, prompting Indian study-abroad platforms to diversify their business models by expanding into international markets. Stricter visa regulations and rising financial constraints have led companies such as LeverageEdu, Leap, and eduVelocity to target students from other countries to sustain growth.
According to data from the Bureau of Immigration under the home ministry, the number of Indian students pursuing education overseas dropped by 15%, from 892,989 in 2023 to 759,064 in 2024. The decline has been especially sharp in key destinations such as Canada, the UK, and the US, where enrolments from India fell by 27%. However, countries like Germany and Russia have seen an increase in Indian student numbers. In response to these shifts, Indian study-abroad platforms are tapping into new markets.
LeverageEdu now generates nearly 30% of its business from non-Indian markets. Nigeria has become its second-largest market after India, followed by Nepal. The company has also expanded into Sri Lanka, Turkey, and Bangladesh and is considering Kenya and Ghana as its next growth destinations. This strategy has enabled LeverageEdu to navigate geopolitical challenges effectively.
During the Canada-India diplomatic tensions, Canadian universities continued to require international students, and LeverageEdu was able to facilitate applications from Nigeria and Ghana, allowing it to maintain growth while competitors lost market share. At the same time, the company is investing heavily in India by opening 10 experience centers, with plans to expand to over 30 locations by October. It has committed ₹50 crore for offline expansion.
EduVelocity is also broadening its reach, with the US and the UAE emerging as key source markets after India. Non-Indian students tend to generate higher revenue per student since they engage with services earlier, sometimes as early as grades 9 and 10, whereas Indian students typically enroll closer to their application years. The company is planning to expand in Dubai, Nepal, and Sri Lanka over the next two years.
Leap, backed by a $100-million debt facility from HSBC’s Asean growth fund and a $65-million Series E equity round led by Apis Partners, is focusing on China as a new source market. The company is also in advanced discussions to acquire Prodigy Finance and other startups to accelerate its expansion.