[Funding alert] Fintech startup Eduvanz raises $10M in debt from InCred Financial Services, Vivriti Capital, and Northern Arc Capital
Mumbai-based new-age digital finance NBFCon Tuesday announced it has raised $10 million in debt funding from multiple financial institutions including Financial Services, , and Northern Arc Capital.
Speaking about the new development, Varun Chopra, CEO, and Co-founder of Eduvanz, said:
“During the pandemic, we have found that learners in India focused on learning and upskilling themselves. We are moving towards becoming a leader in the financing-lending market for education. The debt we have raised further strengthens our position and will help us reach out to many more who are looking to fund their education”.
Backed by Sequoia Capital and Unitus Ventures, Eduvanz was co-founded in 2016 by Varun Chopra, an IIT Madras alumnus, and Raheel Shah, an IIM Ahmedabad alumnus. The startup offers education loans that allow students to study now and pay later in pocket-friendly monthly installments at zero percent rates.
The fintech startup claims to have already enabled more than 25,000 learners and has disbursed loans worth Rs 300 crore. From April 2020 to December 2020, the unique customer base of Eduvanz grew by four times and monthly disbursal of loans grew up three times, the company said in a statement.
Commenting on the investment, Irfan Mohammed, CBO, Vivriti Capital, stated,
“As a technology-enabled debt platform, we are glad to associate with Eduvanz. We are aligned with Eduvanz in the belief that access to credit is a critical ingredient for development. We appreciate the company’s effort to help the youth of the county by providing access to finance and counselling.”
"Eduvanz has created a niche business model that supports skill development and employment. The company plays a crucial role in helping interested students secure funding, impacting their lives and livelihoods positively. We are excited to partner with such an institution that addresses a large untapped market and simultaneously creates a lasting impact,” added Bama Balakrishnan, COO of Northern Arc Capital.
Earlier in August 2020, the startup raised $5 million as part of a Series A round led by Sequoia India, with participation from existing investor Unitus Ventures.