Sequoia and Unitus Ventures-backed fintech Eduvanz acquires edtech startup Klarity
Eduvanz, a Mumbai-based fintech non-banking finance company (NBFC) that enables students to Study Now, Pay Later at zero percent interest rates, has acquired edtech startup Klarity.
Eduvanz is backed by Sequoia and Unitus Ventures with close to $6 million cumulative investment.
Klarity is an online one-on-one platform that connects students with professionals in their area of interest to provide video-based mentoring.
“The acquisition of Klarity has helped Eduvanz reach out to a network of passionate industry mentors and more than 300 educational institutes. Klarity has impacted more than 5,000 careers via one-on-one mentoring. The team can help Eduvanz users to not only finance their courses but also get help in choosing the right course,” said Varun Chopra, CEO and Co-founder, Eduvanz.
The online one-on-one mentorship of Klarity runs across a span of two years, and primarily works with post-graduate students. While most post-graduate programmes ask the students to decide on their specialisations in the second year, students often get confused about their prospects and job roles.
The mentoring programme involves analytics-driven assessment and specialisation-wise market realities workshops that cover job roles, followed by one-on-one mentorship meetings with industry professionals.
Manmeet Singh Akali, CEO and Founder, Klarity, said,
“Joining forces with Eduvanz will help us amplify our reach, and intensify the impact of our work in the careers of students with whom we are working. We are equipped with a mentor network of more than 200 industry experts from some of the best companies of the world such as the Big Four consulting firms, Amazon, JP Morgan, and Uber, who graduated from institutes such as the IIMs, Carnegie Mellon, Georgia Tech, and so on.”
Eduvanz is a technology-enabled NBFC that aims to change the way the nation pays for education by enabling learners to apply for low-cost loans via its digital platform. The users are facilitated to pay back the loans at no interest in small pocket-friendly monthly instalments instead of upfront annual fees.
Co-founded in 2016 by Varun Chopra, an IIT-Madras alumni, and Raheel Shah, an IIM-Ahmedabad alumni, Eduvanz assesses applicants using a proprietary AI-based algorithm at the back-end. It is currently present in more than 250 cities in India and has disbursed over Rs 200 crore.