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Sequoia-backed startup Eduvanz raises $12.6M: Report

Mumbai-based fintech startup Eduvanzhas raised $12.6 million (about Rs 104.5 crore) in a funding round from new and existing investors. It is the firm’s first equity funding round this year.

Eduvanz’s board has approved a special resolution to allot 68,373 Series B1 CCPS at an issue price of Rs 15,283.71 per share to raise Rs 104.5 crore, according to an Entrackr report.

The education-focussed lending tech startup’s equity round was led by Rethink Education, a venture capital fund that backs education technology startups. Existing investors Sequoia Capital, Juvo Ventures, and Unitus Venturesalso participated in the funding round.

In April, Eduvanz raised Rs 50 crore in a debt round of funding with participation from MAS, Vivriti, Oxyzo, and Unifi AIF.

The latest funds were raised in an extended Series B round. The fintech player had raised a total funding of $24.7 million prior to this round, as per Tracxn.

Founded in 2016 by Varun Chopra, Raheel Shah and Atul Sashittal, Eduvanz is an online marketplace for education loans. It offers education loans that allow students to study now and pay later in pocket-friendly monthly instalments at zero percent rates.

Eduvanz also provides flexible loan products that focus on supporting financial requirements for K-12 programmes, online skill development courses and professional courses.

Among 34 active competitors which include Credenc, Propelld, Avanse, Auxilo, Eduvanz ranks first according to Tracxn.

Edited by Affirunisa Kankudti

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