India-based EduFund Raises $3.5M in Pre-Series A Funding
- ByStartupStory | May 4, 2023
India-based edu-fintech company EduFund has raised $3.5 million in a Pre-Series A funding round led by MassMutual Ventures (MMV), a global venture capital firm. The round also witnessed the participation of DSP Investment Managers, Anchorage Capital Partners, and Kunal Shah, the founder of CRED.
EduFund, founded in 2020 by Eela Dubey and Arindam Sengupta, offers a comprehensive solution for Indian parents to plan, save, and invest in their children’s education. The app-based platform partners with leading asset management companies (AMCs), including Aditya Birla, HDFC, ICICI, Tata, DSP, and UTI, to offer investment products. EduFund also collaborates with major lenders, such as HDFC Credila, ICICI Bank, and IDFC, to provide education loans. Additionally, the platform provides education counselling services to help students find their ideal university.
Regarding the recent Pre-Series A investment round, EduFund’s Co-Founders Eela Dubey and Arindam Sengupta expressed their vision for the platform, stating that their goal has always been to assist parents in saving early and provide solutions that financially enable their children’s aspirations. They highlighted that the education planning journey in India is currently fragmented, with parents visiting financial planners and banks for loans. Their aim is to streamline the process by offering a centralized experience on one platform. The co-founders further added that the new funding will help accelerate EduFund’s growth, enable the creation of new solutions, and investment in technology.
Kalpan Parekh, the CEO and Managing Director of DSP Mutual Fund, explained their decision to invest in EduFund, stating that returns on investments are dependent on time and compounding. Parekh emphasized that the earlier parents start investing for their children’s education, the more time they have to accumulate wealth. Therefore, parents with young children have an added advantage of having time on their side.
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