Fintech Startup, Propelld’s Nbfc Edgro Secured $25 Million in Maiden Debt Round


Fintech Startup, Propelld’s Nbfc Edgro Secured $25 Million In Maiden Debt Round
Fintech Startup, Propelld’s Nbfc Edgro Secured $25 Million In Maiden Debt Round
Spread the love

Friday, 17 May 2024, Bengaluru, India

Edgro Finance is a Non-banking Finance startup that offers education loans. Education-based fintech startup Propelld has secured debt funding of $25 million for its NBFC Edgro Finance. Edgro is a  subsidiary owned by Propelld, founded in 2019 by Bibhu Prasad Das, Brijesh Samantaray, and Victor  Senapaty.  

Bibhu Prasad D CEO and Co-Founder of Propelld
Bibhu Prasad D CEO and Co-Founder of Propelld (Image Source: LinkedIn)

The start-up raised funding of $25 million from 9 lenders including Credit Saison India, Incred Financial  Service, AU small finance bank, and Northern Arc Capital. Propelld provides education loans to those who want to borrow money via online channels. The head of debt and lending alliance at Propelld, mentioned that the idea behind this funding round was to scale up its NBFC business and Edgro with the fresh capital earned. Startups will be using these funds to offer education loans and provide needed student accessibility and flexibility of various loan options. 

Propelld logo

Image source: Propelld

Edgro Finance focuses on education loans and financial services. It offers services like education loan  customization and loan processes for different education streams. The startup offers low-interest student loans, the Propelld Education Loan interest rates start from 11.50% p.a. The startup was  founded in 2019 to offer online loaning options to students. Nikunj Agarwal emphasized Propelld’s  plan to ensure a diverse category of loan lenders on the supply side. The company is planning to enhance its platform, scale up its existing segments, and expand in the fintech sector.  

The company also mentioned upcoming features like long-distance learning courses for its users. Other digital lending partners of Propelld apart from Edgro include Avanse Financial Services, Aditya Birla  Capital, and JM Financial. Propelld previously raised $35 trillion in its series B funding round led by  WestBridge Capital. The Fintech startup has connections with over 3000 educational institutes and has successfully lent over 2.5 lakh education loans to date. According to a report by inc42, the Indian digital lending market is expected to go over $1.3 trillion by the end of 2030. Propelld, a leading education financing platform, came together with Edgro a non-banking finance startup to provide education loans to students pursuing higher education.

Table of Contents

Conclusion: 

Education-based fintech startup Propelld has secured debt funding of $25 million for its NBFC Edgro  Finance. Edgro is a non-banking finance startup that provides education loans to students pursuing higher education through their partnership with Propelld, a leading education financing platform. The start-up raised funding of $25 million from 9 lenders including Credit Saison India, Incred Financial Service, AU small finance bank, and Northen Arc Capital. Propelld provides education loans to those who want to borrow money via online channels.

The startup was founded in 2019 to offer online loaning options to students. Nikunj Agarwal emphasized Propelld’s plan to ensure a diverse category of loan lenders on the supply side. The company is planning to enhance its platform, scale up its existing segments, and expand in the fintech sector. The company is planning to enhance its platform, scale up its existing segments, and expand in the fintech sector.


Spread the love

Disclaimer -We have collected this information from our direct sources, various trustworthy sources on the internet and the facts have been checked manually and verified by our in-house team.