Digital non-banking firm Eduvanz Tuesday said it has raised $10 million in debt funding from multiple financial institutions including InCred Financial Services, Vivriti Capital, and Northern Arc Capital.
The five-year-old education loan firm said the fresh funds will be utilized to expand their reach among potential customers.
“During the pandemic, we found that learners in India focused on learning and up-skilling 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,” said Varun Chopra, co-founder and chief executive of Eduvanz.
The firm provides loans to students to fund their school, coaching and test prep fees and salaried and self-employed to fund their up-skilling expenses. So far, Eduvanz has already disbursed loans worth ₹300 crore to over 25,000 learners.
“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 counseling,” said Irfan Mohammed, chief business officer of Vivriti Capital
Founded in 2016, the education loan firm had raised $5 Million Series A funding from Sequoia Capital and Unitus Ventures in August 2020. The company had then said that it will utilize the $5 million fund to create technologies around artificial intelligence-based risk management, and easier collections to support borrowers through their lending journey.
The company, since then was looking at expanding its reach to tier two and three geographies in the country. They use artificial intelligence (AI) based algorithms and predictive analytics to provide loans based on the future employability of learners.
