Education loan startup Credenc on Tuesday announced the acquisition of digital content platform ObserveNow for an undisclosed amount.
ObserveNow will continue to work as an independent digital content arm within the Credenc group.
Credenc said it aims to build a loan book of Rs 3,000 crore by 2025.
Founded by Avinash Kumar and Mayank Batheja in 2017, Credenc is a technology-led education loans platform that works with about 1,000 colleges across 17 cities.
It uses a proprietary artificial intelligence model to track data points to predict the future income of students applying for loans. It provides financial assistance based on student potential and future income instead of the existing financial capability of the family which is typically considered by traditional education lenders, the firm said.
Founded in 2019, ObserveNow has a content presence and reach in verticals including human resources, education, healthcare, startups, and technology.
“ObserveNow has done commendable work in the last two years in the education space and human resources. Their connection within this industry is of high value to Credenc,” Batheja said.