• Eduvanz is new, innovative finance company, which is completely revolutionizing the student loan market.
  • Eduvanz is funded by 7 investors. Sequoia Capital and QED Innovation Labs are the most recent investors.
  • Eduvanz has 4 current team members, including Co-Founder CEO Varun Chopra & CMO Raheel Shah
  • Eduvanz is actively using 28 technologies for its website, according to BuiltWith. These include Viewport Meta, IPhone / Mobile Compatible, and Google Analytics.
  • Eduvanz was founded in 2016 with the mission to empower students.

Eduvanz, Mumbai-based fintech startup, has raised $5.5 million from venture capital firm Sequoia Capital India. Existing investor Unitus also participated in the series A funding round. Earlier, Unitus along with Michael and Susan Dell foundation had invested $2 million in a pre-Series A round.

“There is a large unmet credit need for education in India. Eduvanz is catering to this by building a differentiated lending business with exceptional credit quality. Their future employability-based underwriting approach will make education and skilling more accessible to accelerate a diverse range of careers. This will be even more critical in the post-COVID-19 economy which has triggered an urgent need for skilling and reskilling as businesses undergo massive digital transformations needing the workforce to evolve and keep up,”

said Ashish Agrawal, Principal, Sequoia Capital India LLP.

Eduvanz will use this newly infused capital to expand its presence in smaller towns, while also improving collection efficiencies and lending cycle management, the company said in a statement shared with ET.

“The funds will be utilized towards creating a seamless borrower experience with secure, scalable, innovative, and agile technologies to support the lending cycle,” as per the statement. “This includes new credit products, AI-based risk management, and easier collections to support borrowers through their lending journey.” 

­Date Of AnnouncementTransaction Name Number of Investors Money Raised Lead Investors 
Aug 4, 2020   Series A – Eduvanz  4$3MSequoia Capital
Apr 11, 2019   Seed Round – Eduvanz  2$2MMichael & Susan Dell Foundation, Unitus Ventures
Feb 12, 2018   Angel Round – Eduvanz  1$500KBlinc Advisors
Source: crunchbase

Founded in 2016, Eduvanz offers low interest education loans for students and skill-seekers. It uses proprietary algorithms and predictive analytics to collate financial and socio-economic data from conventional and non-conventional sources. Using this technology, it assigns credit scores to loan-seeking students, based on their socio-economic and demographic background.

Eduvanz has partnered with 100+ institutes and corporations to provide loans to students. The company claims to have deployed over Rs 150 crores in loans to over 10,000+ borrowers with negligible credit losses.

With recent investments in edtech startups, it is interesting to see a fintech startup providing educational loans getting investment. Online education has seen a steep rise since the Covid-19 pandemic. Also, it will be interesting to see if Eduvanz partners with the online education portals too for providing education loans to students and skill-developers.

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