Propelld bags $25 million & targets multiplying Loan Disbursements in FY25
For its wholly owned subsidiary, Edgro, the ed-tech start-up Propelld has successfully secured $25 million in debt financing.
As an authorized NBFC - non-banking financial company, Edgro will utilize this funding to extend its credit payment capacities.
The funding round gained an investment from a few prominent monetary organizations, including Credit Saison, AU Small Finance Bank, Incred Financial Services & Northern Arc Capital.
In order to further expand its lending capacity, Edgro is also looking into co-lending arrangements with banks. With an annual revenue of approximately 50 crore rupees, the business is getting close to profitability. Propelld expects to build its incomes to Rs. 80 crore this year while turning productive.
Speaking to this significant fundraise, Victor Senapaty, Co-Founder, Propelld, shares, "We currently have about ₹700 crore in our loan book. Last year, we disbursed close to Rs.1,200 crore, and this year, we aim to disburse around Rs. 2,000 crore,"
"There are many talented individuals in the country who can't reach their potential due to a lack of financing. We identify institutes that provide substantial value to students and finance those who can benefit the most, considering their future employability”, - Senapaty added.
Established in 2019 by Bibhu Prasad Das, Victor Senapaty, & Brijesh Samantaray, Propelld offers loan financing solutions for education through unique products such as Study Now, Pay Later & ISA – Income Sharing Agreements on behalf of NBFC arm.
As an authorized NBFC - non-banking financial company, Edgro will utilize this funding to extend its credit payment capacities.
The funding round gained an investment from a few prominent monetary organizations, including Credit Saison, AU Small Finance Bank, Incred Financial Services & Northern Arc Capital.
In order to further expand its lending capacity, Edgro is also looking into co-lending arrangements with banks. With an annual revenue of approximately 50 crore rupees, the business is getting close to profitability. Propelld expects to build its incomes to Rs. 80 crore this year while turning productive.
Speaking to this significant fundraise, Victor Senapaty, Co-Founder, Propelld, shares, "We currently have about ₹700 crore in our loan book. Last year, we disbursed close to Rs.1,200 crore, and this year, we aim to disburse around Rs. 2,000 crore,"
"There are many talented individuals in the country who can't reach their potential due to a lack of financing. We identify institutes that provide substantial value to students and finance those who can benefit the most, considering their future employability”, - Senapaty added.
Established in 2019 by Bibhu Prasad Das, Victor Senapaty, & Brijesh Samantaray, Propelld offers loan financing solutions for education through unique products such as Study Now, Pay Later & ISA – Income Sharing Agreements on behalf of NBFC arm.
