Eduvanz, a fintech non-banking finance company (NBFC) that funds students with easy financing, has raised $10 million in debt funding from multiple financial institutions including InCred Financial Services, Vivriti Capital, and Northern Arc Capital.

Eduvanz gives low-cost loans to students via its digital platform and aims to make education accessible to all learners across K-12, Test-Prep, and up-skilling and UG/PG segments. The company has enabled more than 25,000 learners and has disbursed loans worth Rs 300 crore. It has grown its customer base by four times and monthly disbursal of loans grew up three times between April and December after the pandemic hit.

“During the pandemic, we have found that learners in India focused on learning and upskilling themselves,” said Varun Chopra, CEO, and co-founder of Eduvanz. “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,” he said.

Eduvanz uses proprietary artificial intelligence (AI) based algorithms and predictive analytics to provide loans based on the future employability of learners. Using the mobile app, end-to-end processing from loan application to credit assessment to disbursal happens completely online.

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.”

Bama Balakrishnan, COO of Northern Arc Capital, said: “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.”

The company founded in 2016 with the mission to make education accessible had raised $5 Million Series A funding from Sequoia & Unitus Ventures in August last year.





News Of India

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