[Funding News] Propelld’s NBFC Edgro Secures $25 Mn Debt Funding

Propelld, a fintech firm with a primary focus on education, has raised $25 million, or roughly INR 208 crore, in debt financing for Edgro Finance, an NBFC.

In this round Nine lenders participated, including Northern Arc Capital, InCred Financial Services, AU Small Finance Bank, and Credit Saison India.

Propelld received $2 million earlier in 2019 from India Quotient and Stellaris Venture Partners. Propelld owns all of Edgro, which started operating in October of last year.

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It is important to remember that Propelld is involved in several financing associations. Among its digital lending partners are Avanse Financial Services, Aditya Birla Capital, and JM Financial in addition to Edgro.

According to Nikunj Agarwal, head of Propelld's debt and lending associations, this was the NBFC's first funding round.

Founded in 2019 by Bibhu Prasad Das, Victor Senapaty, and Brijesh Samantaray, Propelld provides education loans to borrowers via its online channel. Propelld provides tailored financing solutions for various educational programs and goes beyond traditional credit parameters to focus on students' learning capabilities and employment potential to assess their eligibility for a loan, all backed by an agile tech infrastructure.

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