August 21st, Mumbai: Eduvanz, one of India’s leading education loan providers, has raised INR 100 crores in a Series B round of funding led by Juvo Ventures, Sequoia Capital India and Unitus Ventures, among others.
The funding, which is among the largest in the education loan sector will be used for expansion and new product launches in the coming quarters by the company. Funds will also be used to further build on its robust IT infrastructure, AI/ML capabilities for risk assessment along with hiring of key team members across distribution, institute partnerships, technology and operations.
Since the onset of the pandemic, learning has moved online and it has compelled millions of learners and students across the country to adapt to the new phygital model. When it comes to K-12 and under-grad students, there is a high price attached to learning. For the employed segment that’s looking to upskill or diversify, navigating the cost alongside existing financial commitments can be challenging. This lack of access between the learners and institutes, as well as learners and the tools they need is what Eduvanz aims to bridge.
So far, Eduvanz has disbursed loans valued more than INR 500 crore to over 30,000 learners. With the aim to build a complete ecosystem for learners, Eduvanz aims to disburse another INR 1000+ crore in loans across all the lending products this financial year.
“India is going to be the fastest major economy in this fiscal and with COVID-19 cases easing out, several Indians are looking to reskill and enroll into new courses. The funds we have raised provides us the right launchpad for our next level of growth in India in the education lending sector,” Mr. Varun Chopra, CEO, Eduvanz, said.
“Elevating education, empowering entrepreneurs and optimizing outcomes is at the core of everything we do at Juvo” said Juvo Ventures Co-Founder and Managing Director Maia Sharpley. “Varun Chopra and Raheel Shah’s innovative model has reinvented education financing across India, creating access to critical education funding for the learners that need it most and are often unable to participate in the rising prosperity of the county. My partner André Bennin and I are proud to join Sequoia Capital India, Synergy Capital, Capria in support the important work of Eduvanz, which aligns seamlessly with Juvo’s mission to increase access to education and support the future of work.
Juvo Ventures is a double bottom line venture capital firm focused on early stage technology-enabled education companies, across the education-to-work lifecycle, that improve quality, access, and outcomes by elevating education, empowering entrepreneurs and optimizing outcomes.
“Despite a tough environment for lending businesses in the last 18 months, the Eduvanz team has executed well, growing the business multifold with exceptional credit quality and strong economics. The Indian education landscape is changing post COVID and Eduvanz is making education accessible and affordable by providing easier access to credit.” Ashish Agrawal, MD, Sequoia India
Eduvanz aims to build a new-age tech enabled platform that can act as a conduit for delivering learning solutions to all categories of learners ranging from K12 to upskilling, while also financing learning gadgets such as laptops, smart phones and tablets through individual applications and partner institutes. With Indian online education sector poised to grow to USD 8.6 billion by 2026, the need for e-learning tools and gadgets is expected to increase exponentially as Indian learners embrace new learning tools.
At present, Eduvanz is an innovative finance solution to students and parents at partner institutes and several independent skill-seekers across segments, and hopes to grow further in the coming quarters.
Eduvanz is an NBFC Fintech which is a “Lender for Learners” that enables learners to ‘Study Now and Pay Later’ in small easy on the pocket installments. The core objective of the company is to make education accessible to all learners across K-12, Test-Prep, Upskilling & UG/PG segments. Since its inception in 2016, the company has disbursed around 400cr loan across various education loan categories such as upskilling, school fee financing among others. Eduvanz has partnered with top banks and NBFC to get access to large capital base at lower cost of capital compared to other Fintechs. Eduvanz had raised its series A funding round from Sequoia Capital India and Unitus Ventures. Eduvanz has recently raised $ 10mn in debt from various debt partners like Northern Arc and Vivriti among others. More about Eduvanzs>
About Unitus Ventures
Unitus Ventures is the leading venture fund in India that supports early stage fintech, healthcare, and jobtech startups with India scale and global potential. Launched in 2012, Unitus Ventures is a founding member of Capria Network, the leading global network of emerging market fund managers collaborating to deliver superior returns and scaled impact. Unitus Ventures is based in Bangalore and Seattle. More at: https://unitus.vc and http://capria.vc/network