Education-focused fintech platform Propelld on Friday announced that it has raised $35 million in Series B funding round led by WestBridge Capital. Other investors in new funding round were Stellaris Venture Partners and India Quotient.
Founded in 2017 by IIT Madras by IIT Madras trio of Bibhu Prasad Das, Victor Senapaty and Brijesh Samantaray, the startup works with educational institutes to increase learners’ tuition fee affordability by providing customised loan products. The platform has tie-ups with over 550 educational institutes and is currently clocking an annual loan disbursal run rate of Rs 600 cr. The company currently employs around 150 and plans to add another 100-150 employees over the next year across technology, business development and collections.
It said that new funds will be utilised to further strengthen in house tech and collection capabilities, while introducing new financing products and building distribution capabilities across segments.
Bibhu Prasad Das, co-founder, CEO at Propelld, said, ““We would like to thank all our institute and lending partners who have believed in us. With the latest capital infusion we will strive towards building better financial products for the educational ecosystem which will further benefit our partners.”
“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 tech 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,” added Deepak Ramineedi, Partner, WestBridge Capital.