9 lenders including banks and NBFCs support Edgro in its mission to democratize access to education.
FinTech BizNews Service
Mumbai, May 18, 2024: Propelld, a fintech leader in education lending, has announced that it has secured over USD 25 million through debt raising for Edgro, its wholly-owned subsidiary which is a licensed Non-Banking Financial Company (NBFC).
Edgro has raised the amount from nine lenders such as Credit Saison India Private Limited, AU Small Finace Bank, InCred Financial Services Limited and Northern Arc Capital Limited.
The education lending sector holds significant growth potential, especially in tier 2 and tier 3 cities where students face difficulties in securing finances from accredited lenders due to limited access. Others have to resort to high-interest loans from private lenders or by pledging gold, adding to their burden. Edgro, which commenced operations only in July 2023, has raised such a significant amount due to the company’s reliance on the larger mission of democratizing access to education through innovative financial offerings.
“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.
Within just six months of operations, Edgro, a fully owned subsidiary of Propelld, has successfully raised $25 million in debt financing. This significant achievement underscores the deep trust and confidence that banks and NBFCs have placed in their operational excellence and shared commitment to financial inclusion. This funding not only reflects these financial partners' belief in Propelld's vision but also signifies a strong alignment with their objectives of supporting education and creating equitable access to it.
Founded in 2019 by the dynamic trio of Bibhu Prasad Das, Victor Senapaty and Brijesh Samantaray, Propelld was one of the first to introduce innovative education loan financing solutions such as Study Now and Pay Later products as well as Income Sharing Agreements. The company has a first-mover advantage in the education loan segment and has gone beyond traditional credit assessment techniques to launch collateral-free education financing.
