Education Loan Provider Eduvanz Secures 26 Cr Funding

Eduvanz, an education-focussed non-banking financial company has raised Rs 25.52 Cr ($2.9 million) in a bridge funding round co-led by existing investors Juvo Ventures and Capria Fund.

Peak XV Partners and Unitus Ventures also participated in this round.

Capria Fund invested Rs 8.66 Cr in the NBFC through two funds, while Juvo Ventures put in Rs 8.57 Cr as part of the funding round. Peak XV Partners and Unitus Ventures invested Rs 4.28 Cr and Rs 4 Cr, respectively.

After the funding round, Peak XV Partners will own 31.72% of the company. Juvo Ventures will own 4.89%, Capria Fund will own 3.14% and Unitus Ventures Opportunity Fund I will have a 3.24% stake.

According to the company's filings, Eduvanz's board approved a special resolution at an extraordinary general meeting on February 1 to issue 26,405 compulsorily convertible preference shares (CCPS) at a price of Rs 9,667 each, totaling INR 25.52 Cr (exactly Rs 25,52,57,135).

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According to the filings, Eduvanz plans to use the new funds to support its daily operations and boost product development and marketing efforts.

About Eduvanz 

Founded in 2016 by Varun Chopra and Raheel Shah and later joined by Parth Upadhyay, the NBFC provides online education loans to students and working professionals who want to improve their skills. It works with educational institutes to offer financing options for different courses.

In December 2022, Eduvanz raised $12.6 million in its extended Series B round from Rethink Education Ventures. Before that, in 2021, the NBFC secured Rs 100 crore in a Series B funding round and an additional $10 million in debt.

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