Propelld's NBFC Edgro secures $25M debt to offer student loans
Propelld works with more than 2,000 educational Institutes across edtech, K12, universities, schools and upskilling, with an annual disbursal run rate of Rs 1,200 crore and NPAs below 1%.
Propelld, an education lending fintech, through its wholly-owned non-banking financial company (NBFC) Edgro, has secured over $25 million in debt from a group of lenders six months after the launch of Edgro's operations.
The lenders include Credit Saison India Private Limited, AU Small Finance Bank, InCred Financial Services Limited, and Northern Arc Capital Limited.
“We are leveraging these funds to ensure that more and more students can access flexible loan options. As Edgro continue to expand its reach and enhance our offerings, we are grateful for the robust support from our financial partners, which enables us to further the mission of democratising education and empowering more students," said Nikunj Agarwal, Head of Debt and Lending Alliance, .
“Edgro is further actively seeking bank borrowings and co-lending partners with the same brand philosophy to expand our mission,” he added.
Founded in 2019 by IIT Madras graduates Bibhu Prasad Das, Victor Senapaty, and Brijesh Samantaray, Propelld is a Bengaluru-based education-focused fintech platform and offers study now and pay later products and income-sharing agreements via Edgro.
In February 2022, the fintech raised $35 million in a Series B funding round led by WestBridge Capital, along with existing investors Stellaris Venture Partners and India Quotient.
Propelld works with more than 2,000 educational Institutes across edtech, K12, universities, schools and upskilling, with an annual disbursal run rate of Rs 1,200 crore and NPAs below 1%.
Edited by Kanishk Singh