- The startup will use the funding for product expansion, technology integration, and outreach marketing to increase business growth.
- UTI Fund, Birla Sun Life, ICICI Prudential, Axis Asset Management, Kotak Asset Management, Invesco, among several other financial institutions are its investment partners.
- ViewTrade Holdings Corp and a group of angel investors participated in the funding round.
Ahmedabad-based fintech startup EduFund has raised $343K (Rs 2.5 crore) in a pre-Seed funding round led by New Jersey-based financial company ViewTrade Holdings Corp along with the participation from a group of angel investors from a private syndicate through AngelList.
EduFund will use the raised funding for product expansion by integrating more plans to fulfill the financial and education goals for students and parents, the official statement said.
Founded in February 2020 by Eela Dubey and Arindam Sengupta, EduFund (Helena Edtech Pvt. Ltd.) works as a holistic planning tool for parents who are looking to build an education fund for their child’s higher education. The platform’s college calculator provides complete transparency on the true cost of the university by looking at factors such as inflation, currency, and accommodation expenses.
The platform also helps parents to reduce the complexity of studying abroad by offering counseling services for the college admissions process.
Commenting on the development, Eela Dubey, said, “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 8 months.”
“As a team, this capital raise of 2.5 Cr. 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,” she added.
It has also entered into multiple counsellor partnerships including – OnCourse Global, Zsoldos Coaching, Reva Education Consultant, and Overseas Education Consultancy.
Speaking on the investment, James StClair, President of VTS, said: “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.”