Eduvanz, one of India’s education loan providers, has raised INR 100 crores in a Series B round of funding led by JuvoVentures, Sequoia CapitalIndia 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, technologyand 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 croreto over 30,000 learners. With the aim to build a complete ecosystem for learners,Eduvanz aims to disburse another INR 1000+ crorein 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,” commented Varun Chopra, CEO, Eduvanz.
“Elevating education, empowering entrepreneurs and optimising outcomes is at the core of everything we do at Juvo. 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” said Juvo Ventures Co-Founder and Managing Director Maia Sharpley.
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 optimising 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,” said 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 US$ 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.
