Eduvanz Raises $12.6 Million In Series B Funding: Report
Eduvanz is a digital Fintech NBFC helping learners discover and finance their learning and career goals with fast, convenient, and affordable no cost financing solutions
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Eduvanz, an education loan-providing platform in India, has raised $12.6 million in a Series B funding round led by Rethink Education Ventures. The funding round also witnessed participation from notable existing investors like Tiger Global, Sequoia Capital, Juvo Ventures and Unitus Ventures, according to an Entrackr report.
So far, according to the report, the firm has raised more than $30 million in equity and debt rounds including INR 50 crore debt in April. Its valuation increased by almost 49% as Eduvanz was valued at $70 million in the last round.
Eduvanz's revenue from operations surged 2 times to INR 27.5 crore in FY22 from INR 13.6 crore in FY21 while its losses widened to INR 23.15 crore in the last fiscal year as compared to INR 10.44 crore in FY21, the report stated.
Following the new proceeds, Sequoia holds a 32.4% stake in Eduvanz while Rethink, Juvo, and Unitus command 5%, 3.50%, and 2% respectively. As per Fintrackr's estimates, the company has been valued at around INR 850 crore or $104 million (post-money).
Eduvanz is a digital Fintech NBFC helping learners discover and finance their learning and career goals with fast, convenient, and affordable no cost financing solutions.