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