Mumbai-based digital non-banking education loan firm Eduvanz Finance has raised $10 million in debt funding from financial institutions including InCred Financial Services, Vivriti Capital and Northern Arc Capital, LiveMint has reported.
Eduvanz provides loans to students to fund fees for school, coaching and test prep, and also supports working people to fund up-skilling expenses. To date the company says it has disbursed loans worth 300 crore rupees (£29.8 million) to more than 25,000 learners.
The company, founded in 2016, stated it will use the funding to expand its reach to potential customers.
Varun Chopra, co-founder and chief executive of Eduvanz, said: “During the pandemic, we 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, chief business officer of Vivriti Capital, added: “We are aligned with Eduvanz in the belief that access to credit is a critical ingredient for development. We appreciate the company’s effort… by providing access to finance and counselling.”
In August 2020 Eduvanz raised $5 million Series A funding from Sequoia Capital and Unitus Ventures. In April 2019 it raised $2 million from Unitus Ventures and the Michael & Susan Dell Foundation.
Date published: 11 February 2021