Eduvanz, a new age digital finance NBFC that claims to offer convenient and affordable education loans, has now secured $5 million in a Series A funding round, backed by the Sequoia India.
Some of the existing investors Unitus have also participated in the funding round.
The funds will going to be used to create a seamless borrower experience with the scalable, agile, innovative, and secure technologies to support the lending cycle.
“We are solving problems directly linked to nation-building as well as growth of the Indian industry. Over the next decade, our country will need skilled workforces trained in new technologies and new skills. By 2022, we need 700 million skilled workers. However, only 10 percent of the total workforce receives any formal skill training. By combining innovative student-centric loan solutions, robust risk-assessment with cutting edge digital lending technology, Eduvanz is enabling higher enrollment for learners across colleges, universities, certification partners, institutes, and schools,” said Varun Chopra, CEO, Eduvanz.
Ashish Agrawal, Principal, Sequoia Capital India LLP added,
“There is a large unmet credit need for education in India. Eduvanz is catering to this by building a differentiated lending business with exceptional credit quality. Their future employability-based underwriting approach will make education and skilling more accessible to accelerate a diverse range of careers. This will be even more critical in the post-COVID-19 economy which has triggered an urgent need for skilling and reskilling as businesses undergo massive digital transformations needing the workforce to evolve and keep up.”