Propelld, a fintech platform focused on education, announced on Friday that it had raised $35 million in a Series B fundraising round headed by WestBridge Capital.
Propelld, which currently employs roughly 150 people, wants to hire another 100-150 people in the next year in technology, business development, and collections.
Propelld, founded in 2017 by the IIT Madras trio of Bibhu Prasad Das, Victor Senapaty, and Brijesh Samantaray, has over 550 educational establishments as partners and has an annual loan disbursal run rate of Rs 600 crore, according to a statement.
“With the latest capital infusion, we will strive towards building better financial products for the educational ecosystem,” said Bibhu Prasad Das, Co-founder CEO at Propelld.
Stellaris Venture Partners and India Quotient were also part of the fresh fundraising round.
Propelld aims to extend its activities in other education categories, citing its strong position in the ed-tech, up-skilling, and job-focused markets.
By providing personalized loan solutions, the business collaborates with educational institutions to help students afford their tuition fees. New funds will be used to boost in-house technology and collecting skills and provide new financing solutions and expand distribution capabilities across segments, according to the company.
