Education-focussed non-banking financial company (NBFC) Eduvanz has raised INR 25.52 Cr ($2.9 Mn) in a bridge funding round co-led by existing investors Juvo Ventures and Capria Fund.
The round also saw participation from Peak XV Partners and Unitus Ventures. As per the company’s regulatory filings, Eduvanz’s board, during an extraordinary general meeting on February 1, passed a special resolution to issue 26,405 compulsorily convertible preference shares (CCPS) at an issue price of INR 9,667 each, translating into a total of INR 25.52 Cr (INR 25,52,57,135 to be precise).
While Capria Fund pumped INR 8.66 Cr into the NBFC via two funds, Juvo Ventures infused INR 8.57 Cr as part of the round. Meanwhile Peak XV Partners and Unitus Ventures invested INR 4.28 Cr and INR 4 Cr into the company, respectively.
Post the round, Peak XV Partners’ shareholding will increase to 31.72% while Juvo Ventures and Capria Fund will own 4.89% and 3.14%, respectively. Unitus Ventures Opportunity Fund I will own 3.24% stake in the company.
As per the filings, Eduvanz plans to use the fresh capital for its working capital requirements and shore up product development and marketing initiatives.
The development was first reported by Entrackr.
Established in 2016 by Varun Chopra and Raheel Shah, and later joined by Parth Upadhyay, the NBFC offers online education loans to students and working professionals looking to upskill. It partners with educational institutes to offer financing solutions to students and individuals for various courses.
Excluding the current round, the company has raised nearly $49 Mn in debt and equity funding to date. It is backed by the likes of Rethink Education, Tiger Global, MAS, Vivriti, Oxyzo, Unifi AIF, S3 Group Partners, InCred Financial Services, Vivriti Capital, Northern Arc Capital, among others.
It last raised $12.6 Mn in its extended Series B round by Rethink Education Ventures in December 2022. Prior to that in 2021, the NBFC bagged INR 100 Cr in a Series B funding round and another $10 Mn in debt.
It competes with the likes of Varthana Finance, Avanse Financial Services, Propelld, Leap Finance, among others.
The development comes at a time when education-focussed NBFCs are witnessing renewed interest from investors. Last month, overseas education startup Leap bagged $65 Mn in its Series E round led by Apis Partners’ funds.
In December 2024, education-focussed NBFC Varthana secured INR 120 Cr in debt from BlueOrchard Microfinance Fund.
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