Latest News | Fintech Firm Eduvanz Raises $10 Mn in Debt Funding

Mumbai, Feb 9 (PTI) Education-focused non-banking lender Eduvanz has raised USD 10 million (about Rs 73 crore) in debt funding from multiple financial institutions, including InCred Financial Services, Vivriti Capital and Northern Arc Capital, the fintech firm said in a statement on Tuesday.

So far, the startup has mopped up USD 15 million since its inception in 2016.

Eduvanz is a leading fintech lender offering loans to students which can be paid back without interest later.

The company claimed that it has grown four times in customer base to over 25,000, three times in monthly disbursal of loans since last April and now to Rs 300 crore.

Varun Chopra, co-founder and chief executive of Eduvanz, said the company is moving towards becoming a leader in the financing-lending market for education.

The debt funding will further strengthen the company's position and will help it reach out to many more who are looking to fund their education, he said.

Irfan Mohammed of Vivriti Capital said we are aligned with Eduvanz in the belief that access to credit is critical for development.

Bama Balakrishnan of Northern Arc Capital said Eduvanz niche business model supports skill development and employment.

Last August, Eduvanz had raised USD 5 million in series A funding from Sequoia and Unitus Ventures.

Backed by Sequoia Capital and Unitus Ventures, Eduvanz was co-founded by Varun Chopra, an IIT Madras alumni, and Raheel Shah, an IIM Ahmedabad alumni in 2016.

It has financially empowered over 25,000 students and partnered with over 350 institutes across 240 cities in 20 states.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)