Eduvanz, an education loan provider, has raised ₹100 crore in funding to fuel its expansion plans and introduce new products in the upcoming quarters. The Series B funding round was led by JuvoVentures, Sequoia Capital, and Unitus Ventures, among other investors.
Strengthening Infrastructure and Capabilities
The funding will be utilized by Eduvanz to bolster its information technology infrastructure and enhance its artificial intelligence and machine learning capabilities for better risk assessment in education loan disbursement. Additionally, the fintech startup aims to ramp up hiring across various domains including distribution, institute partnerships, technology, and operations.
Empowering Learners Through Financial Support
Founded in 2016 by Varun Chopra and Raheel Shah, Eduvanz has already disbursed loans amounting to over ₹500 crore to more than 30,000 learners. With the fresh funding, the company targets disbursing an additional ₹1,000 crore across all lending products in the fiscal year 2022.
Previous Funding and Market Outlook
Earlier in February 2021, Eduvanz secured $10 million in debt funding from multiple financial institutions including InCred Financial Services, Vivriti Capital, and Northern Arc Capital. This funding round emphasizes Eduvanz’s commitment to providing accessible financial support to students and institutions, particularly amidst the ongoing COVID-19 pandemic and the increasing demand for upskilling and reskilling opportunities.
Varun Chopra, CEO of Eduvanz, expressed optimism about India’s economic growth trajectory and the growing demand for educational opportunities. He emphasized that the recent funding provides a solid foundation for the company’s continued growth and impact in the education lending sector.
Facilitating Education Financing Across Segments
Eduvanz adopts a ‘study now-pay later’ model, offering equated monthly installment (EMI)-based loans to students across various educational segments, ranging from kindergarten to grade 12, higher education, and upskilling courses. In a competitive landscape that includes players like Leap Finance, Eduvanz remains committed to enabling financial access and educational advancement for learners across India.
Clara Cardoso
Mariana Oliveira
