Mumbai-based Eduvanz, a fintech startup offering education loans, has raised $12.6 million in a funding round led by Rethink Education Ventures and existing investors Sequoia Capital, Juvo Ventures, and Unitus Ventures.
The company's board has approved a special resolution to allot 68,373 Series B1 CCPS at an issue price of Rs 15,283.71 per share to raise Rs 104.5 crore, according to an Entrackr report. So far, the startup has raised more than $30 million in equity and debt funding rounds.
Founded in 2016 by Varun Chopra, Raheel Shah and Atul Sashittal, Eduvanz offers education loans that allow students to study now and pay later in pocket-friendly monthly instalments at zero per cent rates.
Eduvanz also provides flexible loan products that focus on supporting financial requirements for K-12 programmes, online skill development courses and professional courses.
Among 34 active competitors which include Credenc, Propelld, Avanse, Auxilo, Eduvanz ranks first according to Tracxn.
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