Propelld Raises $35 Million In Series B Funding Round Led By WestBridge Capital Funds will be utilised to grow the loan book rapidly in a segment with low credit penetration and to offer new products for various verticals within education
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Propelld, an education-focused fintech platform, on Friday announced to have raised $35 million in Series B funding round led by WestBridge Capital along with existing investors Stellaris Venture Partners and India Quotient. The funds will be utilised to grow the loan book rapidly in a segment with low credit penetration and to offer new products for various verticals within education.
"With the latest capital infusion, we will strive towards building better financial products for the educational ecosystem which will further benefit our partners," said Bibhu Prasad Das, co-founder and CEO, Propelld.
"India spends over $90 billion annually in education, however, the financial penetration is still very low. Propelld aims to address this gap and increase education loan accessibility to students through technology-based products. We believe Propelld will become the go-to financial player in the education domain just as we've seen strong vertical-focused financial players in other domains like affordable housing, SME lending, consumer durables etc," said Deepak Ramineedi, partner, WestBridge Capital
Founded in 2017 by IIT Madras trio Bibhu Prasad Das, Victor Senapaty and Brijesh Samantaray, Propelld has tie-ups with over 550 educational institutes and is currently clocking an annual loan disbursal run rate of INR 600 crore. Propelld plans to add another 150 employees over the next year across technology, business development and collections as Propelld aims to expand its operations in other education segments.