- 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.
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.
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.