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9 lenders including banks and NBFCs support Edgro in its mission to democratize access to education.
Leading fintech company Propelld in education loans announced today that it has raised over USD 25 million in debt for Edgro, a licensed non-banking financial company (NBFC) and wholly owned subsidiary.
Nine lenders, including Credit Saison India Private Limited, AU Small Finace Bank, InCred Financial Services Limited, and Northern Arc Capital Limited, contributed to Edgro’s fundraising efforts.
The education financing market has a lot of room to grow, particularly in tier 2 and tier 3 cities where students often have trouble getting loans from reputable lenders because of their limited access. Others are forced to take on further debt by pledging gold or applying for high-interest loans from private lenders.Edgro, which only started operating in July 2023, has raised so much money because it is focused on democratising access to education through creative financial options, which is the company’s overarching goal.
“We are leveraging these funds to ensure that more and more students can access flexible loan options. As Edgro continue to expand its reach and enhance our offerings, we are grateful for the robust support from our financial partners, which enables us to further the mission of democratizing education and empowering more students,” said Nikunj Agarwal, Head of Debt & Lending Alliance, Propelld. “Edgro is further actively seeking bank borrowings & co-lending partners with the same brand philosophy to expand our mission,” he added.
Edgro, a completely owned subsidiary of Propelld, has raised $25 million in debt financing in just six months of existence. This noteworthy accomplishment demonstrates the great faith that banks and NBFCs have in each other’s operational prowess and mutual dedication to financial inclusion. This investment shows these financial partners’ strong affinity with Propelld’s goals of promoting equitable access to education and demonstrating their belief in the latter.
Propelld, which was founded in 2019 by the dynamic duo of Bibhu Prasad Das, Victor Senapaty, and Brijesh Samantaray, was among the first to propose cutting-edge financing options for school loans, including Income Sharing Agreements and Study Now and Pay Later programmes. The business launched collateral-free education financing, giving it a first-mover edge in the education loan market. It has also gone above and beyond conventional credit assessment methods.