12 July 2016, India :
While majority of Students are trying to go abroad for further studies, very less are getting succeeded in the plan. The prime reason is education loan, isn’t available easily and has long checklist to be followed.
Well that’s not the case with GyanDhan. It is an education loans marketplace operated by Delhi-based Senbonzakura Consultancy Pvt. Ltd, has raised an undisclosed amount in seed funding from Stanford Angels & Entrepreneurs and Harvard Angels.
GyanDhan had earlier received angel funding from Satyen Kothari, founder of Cube and Citrus Pay, to grow operations from the concept phase to its first loan disbursal. Pravin Gandhi, partner at Seedfund Advisors, also invested in his personal capacity.
The funding will be used by the company to funds to further build its tech platform and to develop its data sciences capabilities. It will also roll out new loan product offerings.
Ankit Mehra, Co-founder of Gyandhan said, “We will use these funds to build the tech platform to provide a better experience for both the banks and the students and to further develop our data sciences capabilities. We will be rolling out new loan product offerings catering to the underserved pockets in domestic education over the next 12 months.”
The startup, which started operations in May this year, provides students an option to apply for loans up to Rs 30 lakhs without any collateral for higher education abroad. It was founded by Ankit Mehra and Jainesh Sinha, both of whom spent 5+ years working for Capital One.
The company has processed over 2500 applications to date, and has already helped students avail loans worth Rs. 10 crore through these financing institutions. To ensure quick resolution of the applications, the company’s team is working closely with the students as well as the bank.