UniAcco and UniScholars owner ASL secures $5 million in funding led by CSVP Fund
- ByStartupStory | April 24, 2023
Adventum Student Living (ASL), a study-abroad platform that owns UniAcco, UniCreds, and UniScholars, has announced the completion of a $5 million bridge equity round. The funding was led by new investor Cornerstone Venture Partners Fund (CSVP Fund), with returning investors also participating. ASL’s upcoming Series B round aims to raise $20 million. The company declined to disclose the names of the returning investors in response to a request for comment. ASL is based in Mumbai, India.
ASL, founded in 2019, has secured $5 million in a pre-Series B round from investors such as Ideal Cures’ founder and managing director, Suresh Pareek, and EuroKids co-founder Vikas Phadnis through Auctus Capital. ASL plans to use the funds to enhance its product offerings for students, universities, educators, and administrators, as well as to forge stronger partnerships in key regions such as the United Kingdom, European Union, Canada, Australia, and the United States, according to a statement.
ASL is a digital-first platform that offers unified student lifecycle management, assisting students throughout their application-to-accommodation journey. The platform has already supported over 500,000 students, according to the company. The international student education market is valued at approximately $200 billion, with tuition fees (about 40%) and accommodation (about 25%) being the most significant categories. ASL stated that worldwide, over 6-7 million students pursue higher education abroad.
UniScholars, an ASL brand, has assisted students in securing admission to over 100 universities globally and offers counselling and support services throughout the admissions process. The platform’s hyper-personalised approach aims to keep students on the platform for their entire educational journey of four to five years and potentially beyond, extending into their early careers. According to Vatsal Bavishi, investment director at CSVP Fund, the enterprise pricing model, recurring revenues, and profitable unit economics were among the reasons why they chose to invest in ASL.
UniCreds and UniAcco, two arms of UniScholars under ASL, have achieved significant milestones. UniCreds has helped students secure over $100 million in education loans through partnerships with financial institutions. UniAcco, on the other hand, collaborates with property owners to provide over 3.5 million student accommodation beds in Canada, Australia, the European Union, and the United Kingdom. Despite the challenges brought about by COVID-19, ASL has achieved a remarkable 300% year-over-year growth since then, said Amit Singh, the CEO and co-founder of ASL. Singh, a former banker with Standard Chartered Asset Management and Aditya Birla Sun Life Mutual Fund, co-founded ASL with Sayantan Biswas, the founder of Fella Homes, a branded rental homes startup. ASL plans to continue to unify student journeys on its platform and expand its product offerings across various regions.
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