GradRight, an edtech-focused fintech startup, has raised Rs 50 crore from IvyCap Ventures in a Series A round.
GradRight stated in a press release that the firm will use the funds raised to transform student college financing and selection.
GradRight, a platform founded in 2019 by Aman Singh and Sasidhar Sista, connects prospective students, universities, and lenders. The company enables universities to identify and admit the most qualified students, empowers students to make informed decisions about high-return programs, and makes it easier for banks to finance the aspirations of high-potential students through its technology, data science, and community.
The platform promotes accountability and transparency while doing away with middlemen and fostering global organization in the higher education sector.
GradRight’s platform states that over the last two years, it has helped more than 55,000 students and processed loan requests totaling over $1.75 billion (roughly Rs 14,300 crore). The platform offers students 13,100 programs across 1,000 universities and boasts partnerships with 15 lenders and more than 50 international academic institutions in the US, Canada, and Europe.
GradRight competes with Auxilo, Grayquest, Avanse Financial, Financepeer, Propelld, Leap Finance, and Eduvanz.
In a joint statement, Aman Singh, co-founder and CEO of GradRight, and Sasidhar Sista, co-founder and COO, said, “Globally, millions of capable students struggle to select and finance their higher education. Four out of five students who aspire to pursue higher education are unable to enroll, mainly due to a lack of adequate guidance and financial constraints. As a tech-first company with a platform-based approach to solving these problems, we are committed to ensuring that every student has the resources they need to obtain the education they deserve. We are delighted that IvyCap Ventures shares our vision and has chosen to support us in our mission and global ambition. Their belief in our unique business model further strengthens our commitment.”
Commenting on the investment, Vikram Gupta, founder and managing partner of IvyCap Ventures, stated, “At IvyCap Ventures, we invest in passionate founders with credible professional experience and strong backgrounds who are committed to highly scalable and innovative business models. GradRight has the potential to transform the global higher education admissions and financing market. Their technology-driven solution is well-positioned for profitable scaling; it is adaptable across markets and can emerge as a leader in the sector.”