Eduvanz raises $10Million in Debt Funding from Multiple Financial Institutions
Mumbai based fintech Non-banking Finance Company (NBFC), Eduvanz has raised $10 million in debt funding from multiple financial institutions including InCred Financial Services, Vivriti Capital, and Northern Arc Capital.
Eduvanz was founded in 2016 by by Varun Chopra, an IIT Madras alumni, and Raheel Shah, an IIM Ahmedabad alumni. The firm aims at change the way India pays for education by enabling learners to apply for low-cost loans via its digital platform. The firm had raised $5 Million Series A funding from Sequoia & Unitus Ventures in August last year.
Eduvanz makes education accessible to all learners across K-12, Test-Prep, and Upskilling & UG/PG segments. It offers a point of sales payment solution for institutes that helps them provide instant finance thereby helping them boost enrolments. Eduvanz leverages proprietary artificial intelligence (AI) based algorithms and predictive analytics to provide loans based on the future employability of learners.
It has already enabled more than 25,000 learners and has disbursed loans worth Rs 300 crore. During the period of April 2020 to December 2020 when the pandemic hit the unique customer base of Eduvanz grew by four times and monthly disbursal of loans grew up three times.
Speaking on the funding, Varun Chopra, CEO & Co-Founder, 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”.
Irfan Mohammed, CBO, Vivriti Capital, said, “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”.
Bama Balakrishnan, COO, Northern Arc Capital, added “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 lasting impact.”
Eduvanz was founded in 2016 by by Varun Chopra, an IIT Madras alumni, and Raheel Shah, an IIM Ahmedabad alumni. The firm aims at change the way India pays for education by enabling learners to apply for low-cost loans via its digital platform. The firm had raised $5 Million Series A funding from Sequoia & Unitus Ventures in August last year.
Eduvanz makes education accessible to all learners across K-12, Test-Prep, and Upskilling & UG/PG segments. It offers a point of sales payment solution for institutes that helps them provide instant finance thereby helping them boost enrolments. Eduvanz leverages proprietary artificial intelligence (AI) based algorithms and predictive analytics to provide loans based on the future employability of learners.
It has already enabled more than 25,000 learners and has disbursed loans worth Rs 300 crore. During the period of April 2020 to December 2020 when the pandemic hit the unique customer base of Eduvanz grew by four times and monthly disbursal of loans grew up three times.
Speaking on the funding, Varun Chopra, CEO & Co-Founder, 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”.
Irfan Mohammed, CBO, Vivriti Capital, said, “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”.
Bama Balakrishnan, COO, Northern Arc Capital, added “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 lasting impact.”
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