Monday, June 17, 2024
HomeIndia India-Based Fintech Propelld Secures $25 Million in Debt Investment

[FUNDING NEWS] India-Based Fintech Propelld Secures $25 Million in Debt Investment

The fintech business Propelld, which focuses on education, has raised $25 million in debt financing for Edgro, a licenced non-banking financial company.

The fintech business Propelld, which focuses on education, has raised $25 million in debt financing for Edgro, a licenced non-banking financial company.

Read also – UAE-based Electronics marketplace Revent Secures $900,000 in Pre-Seed Round

Nine lenders contributed to Edgro’s funding round, including Northern Arc Capital Limited, AU Small Finance Bank, InCred Financial Services Limited, and Credit Saison India Private Limited.

“There is a lot of room for expansion in the education lending industry, particularly in tier 2 and tier 3 cities where students often struggle to get loans from reputable lenders because of their limited access. Others are forced to take out high-interest loans from private lenders or pledge gold, which makes their situation much more difficult,” the business stated in a statement.

According to the company, Edgro is aggressively looking for bank loans and co-lending partners to democratise access to education through cutting-edge financial products.

Read also – UAE-based Proptech Keyper Secures $4 Million in Equity in a Pre-Series A Funding

Propelld, which was founded in 2019 by Bibhu Prasad Das, Victor Senapaty, and Brijesh Samantaray, offered income-sharing plans and study-now-and-pay-later programmes as financing options for student loans.

Northern Arc is one of the other NBFCs that recently obtained finance; the International Finance Corporation (IFC) invested $80 million in the organisation. The parent firm of Ambit Finvest, Daiwa Securities Group, a Japanese brokerage and investment bank, together with current investors contributed a total of Rs 690 crore ($83 million).

About Propelld

Propelld is a fintech startup with series-B funding that offers learners enrolled in educational programmes at approved partner institutions entirely digital journeys that facilitate flexible financing options.

- Advertisement -
RELATED ARTICLES
- Advertisment -

Most Popular