Eduvanz, a fintech company focused on student financing, has raised $10 million (around 72.88 crore) in a debt funding round.
Participants in this exercise include InCred Financial Services, Northern Arc Capital, and Vivriti Capital, Mumbai-based Eduvanz said in a statement.
Eduvanz, operated by Eduvanz Financing Pvt Ltd, was set up in 2016 by IIT-Madras graduate Varun Chopra and IIM-Ahmedabad postgraduate Raheel Shah.
The company says it operates a ‘study now, pay later’ model, with its core objective being to increase the accessibility of education across segments.
The firm says it provides institutes with a point-of-sale payments solution that helps boost enrolments. It also uses proprietary artificial intelligence-based algorithms to provide loans based on an applicant's future employability.
Eduvanz says its customer base grew by four times between April and December last year, with monthly loan disbursals during this period growing by three times. Since its inception, the company has partnered with more than 350 institutes and provided financing to more than 20,000 students.
In August last year, the company raised $5 million (Rs 37 crore) in its Series A round of funding led by venture firm Sequoia Capital. Existing backer and early-stage social-impact investor Unitus Ventures also participated in this round.
Prior to that, Eduvanz secured $2 million in April 2019 from social-impact investment firm Unitus Ventures and Michael & Susan Dell Foundation.