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.
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.
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.
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.
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