Eduvanz, a new-age digital finance NBFC that states to provide and serve economical and convenient education loans, has raised an amount of $5 millions in Series A funding, led by Sequoia India. Existing investors Unitus have also took active participation in this round.
Moreover the funds will be used by the Mumbai-based lender towards creating a smooth borrower experience with secure, scalable, innovative, and agile tech to support the lending cycle.
All this includes new credit products, AI-based risk management, and easier submissions to support borrowers through their lending journey.
Varun Chopra, CEO, Eduvanz said that they are finding solutions to problems directly linked to nation as well as growth of the Indian industry.
Also over the coming decade, the country will need skilled workforces trained in new technologies and new skills.
By the year 2022, they will need 700 million skilled workers. By combining innovative student-centric loan solutions, strong risk-assessment with cutting edge digital lending technology, Eduvanz is enabling higher enrollment for students across colleges, universities, certification partners, institutes, and school.
Eduvanz was founded by Varun Chopraand Raheel Shahin the year 2016.
Its objective is to financially empower students to choose their dream careers at institutes and colleges of their choice by having access to loans. Also It is a trendy technology led NBFC focused on loans for skilling as well as school fees.
The startup also said it leverages technological solutions to improve customer success in the lending industry to make credit assessment and end-to-end loan processes more rapid,simpler, and efficient.
Ashish Agrawal, Principal, Sequoia Capital India LLPalso said that there is a large unmet credit need for education in our nation. Eduvanz is taking care of this by building a disparated lending business with exceptional credit quality.
Eduvanz gives an easy access to loans starting from zero interest in collaboration with educational institutes through a fully digitized end-to-end platform — from lead on-boarding to loan repaying.
Furthermore Its customers include salaried/self-employed people looking to upskill/cross-skill themselves, students looking for skill certifications, and the K-12 segment consisting of guardians seeking flexible fee payment solutions for schools, tutoring , and test preparation.
The company aims and objectifies to disburse Rs 400-500 crore in loans over the coming two years.