Fintech startup Eduvanz raises Rs 50 Cr in debt round of funding
- ByStartupStory | April 28, 2022
Eduvanz, an NBFC-licensed fintech that offers low-cost EMI financing for learning and learning-related requirements, has received Rs 50 crore in debt. MAS and Vivriti, two existing lenders, have taken incremental exposure in the round. Oxyzo and Unifi AIF have also joined the platform as new lenders.
Off-balance-sheet collaborations are a major strategy for Eduvanz, which plans to keep its financial sheet low. As of December 2021, the company had total assets under management (AUM) of Rs 288.4 crore, and it plans to have 70% of AUM off-balance sheet in the future, up from the current 62 percent.
Varun Chopra, Co-founder, and CEO of Eduvanz stated, “Our loan disbursements have virtually doubled in FY22 at Rs 337 crore as compared to Rs 195 crore in FY21. This is a clear indication that we should keep working to make education in India more accessible and affordable at all levels.”
“Our in-house IT knowledge has aided in the curation of bespoke goods for the learner-institute combination, resulting in user flexibility.” Furthermore, our ability to underwrite each of these students has shown that we are a trustworthy partner on each of their travels,” he added.
Eduvanz has disbursed over 100,000 loans to students around the country thanks to its partnerships with over 1,000 educational institutions. Eduvanz has earned more than $20 million in funding thus far, thanks to investors such as Sequoia Capital, Unitus Ventures, and Juvo Ventures, among others.
CRISIL recently assigned Eduvanz a BBB-/Stable rating, indicating that the company’s capitalization metrics are acceptable for its current size of operations and its first-mover advantage in a specialist area like education financing.
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