EduFund bags $6M in Series A funding led by Cercano Management, MassMutual Ventures

EduFund, a full-stack platform for education planning and financing, has secured $6 million (~Rs 50 crore) in a Series A funding round led by private equity and investment firm Cercano Management, and global venture capital firm MassMutual Ventures.

The company will use the funding to enhance its AI-driven advisory services with a personalised planning engine, expand loan options for underserved undergraduates, and extend access to education financing in Tier II and III cities.

Founded in 2020 by Eela Dubey and Arindam Sengupta, the education-focused fintech platform helps Indian families plan and fund education from early years to higher studies. Its services span investments, loans, visa and immigration support, remittances, and counselling. 

“We are excited to join EduFund in its journey to become the end‑to‑end education‑financing and preparation partner for Indian families. Higher education is getting costlier and less accessible worldwide, so parents need a platform that helps them start planning early,” said Danika Ariadna, Vice President of Cercano Management.

Since its inception, the company claims to have gained over 250,000 users and built a network of over 40 asset managers and more than 15 lenders, including banks, NBFCs, and international institutions.

The Ahmedabad-based firm has raised a total of $12 million to date, including $3.5 million from a 2023 round led by MassMutual Ventures.

Doug Russell, Managing Partner and Head of MassMutual Ventures, commenting on the follow-on investment in EduFund, noted, “In just two years, the platform has empowered families to plan and save for their children’s future, and we are pleased to support its next phase of growth.”

According to co-founder and CEO Dubey, education accounts for roughly 30% of household income in India, and rising costs both at home and abroad are putting growing pressure on middle-class families, a challenge the company is working to address.

Last month, education financing platform GyanDhan secured Rs 50 crore in a funding round, with investments from edtech company Classplus and venture capital firm Pravega Ventures.