Mumbai-based education loans startup Eduvanz Financing will be raising $3 million in Series A funding round led by Sequoia’s SCI Investment VI fund, along with participation from Redwood Trust, QED Innovation Labs, and Vistra ITCL on behalf of Unitus Seed Fund India II.
The startup has not revealed how it will be using the freshly raised funding yet.
Eduvanz will be allocating 77067 Series A shares at face value of Rs 100 and a premium of Rs 2891.31 each share, leading to the total funding amount raised by the firm.
Helping students receive the right financial aid
Eduvanz Financing was founded by Varun Chopra, Raheel Shah, and Atul Sashittal in 2016 as an NBFC & private finance company that offers low-interest loans to students for education, career, and skill development.
The startup uses tech to assign credit scores to students seeking a loan based on their socioeconomic and demographic background, helping them gain access to the right kind of financing needed to fulfill their dreams.
The startup has also partnered with over 80 institutes like Imarticus, K-11, and ISBM to help boost its value beyond loans to offer scholarship & placement support for students.
An NBFC is a Non-Banking Financial Corporation that functions in providing financial services to its users, without being registered a bank.
Eduvanz received its NBFC license from the RBI back in 2017, after which it raised $500k funding from Blinc Advisors. The company also raised $2 million funding from Unitus Ventures and Michael & Susan Dell Foundation to expand its lending operations in the country.