Fintech start-up GradRight has raised Rs 50 crore in an early-stage funding round from IvyCap Ventures, the homegrown investment firm said on Thursday.
The fundraise will serve as a catalyst for GradRight’s vision to transform college selection and financing for students through its AI-powered ecosystem of universities and banks, the statement said. “GradRight has the potential to transform the global higher education admissions and financing market. Their technology-driven solution is well-positioned for profitable scaling; it is adaptable across markets and can emerge as a leader in the sector,” IvyCap Ventures Founder and Managing Partner Vikram Gupta said in the statement.
IvyCap Ventures Managing Partner Tej Kapoor will join the GradRight board, it said. “We are committed to ensuring that every student has the resources they need to get the education they deserve. We are delighted that IvyCap Ventures shares our vision and has chosen to support us in our mission and global ambition,” GradRight Co-Founder and CEO Aman Singh said. GradRight provides finance for higher education through its lender partners.
It said it leverages technology and data science to help students make informed decisions on high-return programmes, and enables universities to identify and admit the most suitable students, and partners with banks in the necessary financing. In the past two years, GradRight has processed loan applications worth over USD 1.75 billion (Rs 14,300 crore) and assisted more than 55,000 students, the statement said..