Eduvanz, a fintech startup based in Mumbai, has raised $12.6 million (about Rs 104.5 crore) from new and existing investors. This year’s first round of equity funding for the company.
According to a report from Entrackr, the board of Eduvanz has approved a special resolution to allot 68,373 Series B1 CCPS at Rs 15,283.71 per share to raise Rs 104.5 crore.
Rethink Education, a venture capital firm that backs education technology startups, sponsored the equity round for the education-focused lending tech startup. The funding round also included participation from existing investors Sequoia Capital, Juvo Ventures, and Unitus Ventures.
Eduvanz raised Rs 50 crore in debt funding in April from investors MAS, Vivriti, Oxyzo, and Unifi AIF.
The most recent funds were acquired in an extended Series B round. According to Tracxn, the fintech company has previously raised a total of $24.7 million.
Varun Chopra, Raheel Shah, and Atul Sashittal founded Eduvanz, an online marketplace for education loans, in 2016. It offers education loans with 0% rates, allowing students to study now and pay later in easy monthly installments.
Also, Eduvanz offers customizable loan options that serve the financial needs of K–12 programs, online skill-development courses, and professional courses.
According to Tracxn, Eduvanz is currently ranked first among 34 active competitors, including Credenc, Propelld, Avanse, and Auxilo.