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Edgro, the NBFC arm of fintech startup Propelld, secures $25 million in its first-ever debt funding round.




Education-focused fintech startup Propelld has secured $25 million in debt funding for its non-banking financial company (NBFC) Edgro Finance. According to Nikunj Agarwal, head of debt and lending alliances at Propelld, this marks Edgro's inaugural funding round. Nine lenders, including Credit Saison India, AU Small Finance Bank, InCred Financial Services, and Northern Arc Capital, participated in the round.

Agarwal stated that Propelld aims to expand its NBFC operations aggressively, with Edgro utilizing the fresh capital to extend education loans, ensuring broader access to flexible loan options for students. Propelld, established in 2017 by Bibhu Prasad Das, Victor Senapaty, and Brijesh Samantaray, facilitates study loans through online channels. Their approach diverges from conventional credit criteria, focusing instead on students' learning capabilities and career prospects to evaluate loan eligibility.

Edgro, Propelld's wholly-owned subsidiary, commenced operations in October of the previous year. Agarwal emphasized Propelld's ambition to penetrate the domestic higher education sector, conducting pilot programs in this segment while expanding existing areas such as coaching and skill development.

Propelld maintains multiple lending partnerships, including Avanse Financial Services, Aditya Birla Capital, and JM Financial, alongside Edgro. This funding round comes two years subsequent to Propelld's $35 million Series B funding led by WestBridge Capital. With ties to over 3,000 educational institutions and more than 250,000 disbursed education loans to date, Propelld faces competition from peers like Skill-Lync, Eduvanz, and GyanDhan in the growing yet underserved education financing market in India. This sector is expected to surpass $1.3 trillion by 2030.



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