Eduvanz, India’s top fintech Non-banking Finance Company (NBFC) that enables students to Study Now, Pay Later at 0% interest rates has raised $10 million in debt funding from multiple financial institutions including InCred Financial Services, Vivriti Capital, and Northern Arc Capital.
Eduvanz aims at changing the way India pays for education by enabling learners to apply for low-cost loans via its digital platform. It has already enabled more than 25,000 learners and has disbursed loans worth Rs 300 crore. During the period of April 2020 to December 2020 when the pandemic hit the unique customer base of Eduvanz grew by four times and monthly disbursal of loans grew up three times.
Varun Chopra, CEO, and Co-Founder of Eduvanz, said, “During the pandemic, we have 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, 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. We appreciate the company’s effort to help the youth of the county by providing access to finance and counselling”.
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. We are excited to partner with such an institution that addresses a large untapped market and simultaneously creates lasting impact. ”
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.