EduFund Raises INR 2.5 Cr In Pre-Seed Round Led By View Trade Holding Corp
The company plans to use the funds for product expansion, technology integration, and outreach marketing
Higher education planning app EduFund said to have recently raised INR 2.5 crore as part of its pre-seed investment round. The US-based holding corporation View Trade Holding Corp which owns a full-service brokerage firm and a technology company was the key investor followed by other angel investors from a private syndicate through angel list.
The company intends to use the funds for product expansion by integrating more plans to fulfill the financial and education goals of parents and students.
Founded by Eela Dubey and Arindam Sengupta in February 2020, the company was founded out of their own struggles when they were planning to pursue their higher education abroad.
"What we are trying to build at Edufund is a unified platform that best suits one's academic aspirations. Looking back, it was a challenge to put our heads down and just keep building a product so granular for the past eight months. As a team, this capital raise of INR 2.5 crore is a good validation for us and motivates us to focus on customer feedback, product development, and client acquisition. We are thankful to our angel's and our institutional partner VTS who showed faith in us pre-product," commented Eela Dubey, co-founder, and chief executive officer, EduFund.
The app's college calculator provides complete transparency on the true cost of the university by looking at factors such as inflation, currency, and accommodation expense. The app also helps to reduce the complexity of studying abroad by offering counseling services for the college admissions process, the company said.
The company claims to act as a one-stop solution for parents to secure their child's future and reduce the financial burden of quality higher education. The platform deliberately addresses the huge gap between being academically and financially ready to help the students obtain dream education.
"We are excited to be a part of this forward-looking company, driven by a passionate team of innovators. With an emphasis on education, their ultimate success is inevitable," added James StClair, president, VTS.
To dominate the trends in the fintech industry, the company is working on its growth trajectory and also planning to use the funds for market acquisition. It is looking to focus on impactful marketing campaigns with greater outreach to acquire more parents planning for overseas education for their children.
The company has also entered into multiple counselor partnerships including – OnCourse Global, Zsoldos Coaching, Reva Education Consultant, and Overseas Education Consultancy, and is a registered investment advisor regulated by SEBI.