Student loan provider Eduvanz raises 100 crore from JuvoVentures, Sequoia and more

• The Series B tour was led by JuvoVentures, Redwood capital and Unitus Ventures, among others.
• The fintech The startup is also looking to hire in the distribution, institute partnerships, technology and operations sectors.
• Eduvanz claims to have disbursed loans worth over 500 crore to over 30,000 learners.

Education to lend Supplier Eduvanz has raised 100 crore to expand its offering and launch new products in the coming quarters. The Series B cycle has been led by JuvoVentures, Sequoia Capital and Unitus Ventures, among others.

The company will also use this funding to develop a more robust information technology (IT) infrastructure and improve its artificial intelligence (AI) and machine learning (ML) capabilities for risk assessment prior to launch. grant a loan for studies.

The fintech startup is also looking to hire in the distribution, institute partnerships, technology and operations sectors.

Founded in 2016 by Varun Chopra and Raheel Shah, Eduvanz claims to have disbursed loans worth over 500 crore to over 30,000 learners. The company now aims to disburse another 1,000 crore loan on all loan products in fiscal year 2022.

Eduvanz also raised $ 10 million in debt financing in February 2021 from several financial institutions, including InCred Financial Services, Vivriti Capital and Northern Arc Capital. For any lending business, debt financing is used to disburse the loans because there is no equity involved.

“India is going to be the fastest major economy in this fiscal period and with the mitigation of COVID-19 cases, many Indians are looking to retrain and enroll in new courses. The funds we have raised provide us with the right launching pad for our next level of growth in India in the education loan sector, ”said Chopra, Managing Director of Eduvanz.

The five-year-old startup is working with students and institutions to enable Equal Monthly Payment (EMI) based loans under a “study now, pay later” model. The company focuses on students from kindergarten to grade 12, higher education and further education.

It competes with Skip funding, which is a loan start which focuses on education abroad.


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