Eduvanz Funding: Eduvanz Raises $10M in Debt Funding

Eduvanz, a fintech non-bank financial company (NBFC) that finances students with easy funding, raised $10 million in debt funding from several financial institutions, including InCred Financial Services, Vivriti Capital and Northern Arc Capital.

Eduvanz provides low-cost loans to students through its digital platform and aims to make education accessible to all learners in the K-12, Test-Prep, and up-skilling and UG/PG segments. The company has enabled over 25,000 learners and disbursed loans worth Rs 300 crore. It quadrupled its customer base and monthly loan installments tripled between April and December after the pandemic.

“During the pandemic, we have seen learners in India focusing on learning and improving their skills,” said Varun Chopra, CEO and co-founder of Eduvanz. “We are striving to become a leader in the education finance-loan market. The debt we have taken on further strengthens our position and will help us reach many more people looking to fund their education,” he said.

Eduvanz uses proprietary algorithms based on artificial intelligence (AI) and predictive analytics to provide loans based on learners’ future employability. Using the mobile app, the end-to-end processing from loan application to credit assessment to disbursement is done entirely online.

Irfan Mohammed, CBO, Vivriti Capital, said: “As a technology-based debt platform, we are pleased to partner with Eduvanz. We are aligned with Eduvanz in the belief that access to credit is an essential ingredient for development.

Bama Balakrishnan, COO of Northern Arc Capital, said: “Eduvanz has created a niche business model that supports skills development and employment. The company plays a crucial role in helping interested students secure funding, which positively impacts their lives and livelihoods. »

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

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