Propelld, a fintech startup focusing on education, has raised $35 million in a Series B round headed by WestBridge Capital

• ByStartupStory     |    February 18, 2022

Propelld, a Bengaluru-based fintech platform focusing on education, has secured $35 million in a Series B round headed by WestBridge Capital, alongside previous backers Stellaris Venture Partners and India Quotient.

Propelld said it wants to use the latest fundraising round to rapidly expand its loan book in a category with low credit penetration and to introduce new products for other verticals within education. The firm, which now employs roughly 150 people, aims to hire another 100-150 people in technology, business development, and collections over the next year.

Bibhu Prasad Das, Victor Senapaty, and Brijesh Samantaray, all of IIT Madras, started the company in 2017. Propelld has ties with around 550 educational institutions and is now disbursing loans at a pace of Rs 600 crore per year, according to a release.

Propelld aims to extend its activities in other education categories as well, citing its strong position in the ed-tech, up-skilling, and job-focused markets.

By providing personalised loan solutions, the business collaborates with educational institutions to help students pay their tuition fees.

New funds will be used to boost in-house technology and collecting skills, as well as provide new financing solutions and expand distribution capabilities across segments, according to the company.

Follow Startup Story