Last week in, Sequoia invested into Wobot, a whopping sum of $2.5 Mn in a Series B round of investments. Eduvanz is a fintech, Mumbai based startup which lends loans to students starting from zero interest for students and skill seekers.
Existing investors include Unitus, which was very active in the round. The startup says it is going to use the funds to create a seamless student experience with secure, scalable, innovative, and agile technologies to support the lending cycle. They are going to work on a couple of new products, focusing on new credit products, AI-based risk management, and easier solutions to support customers throughout their lending journey. The funds will also be allocated to Tier – II and III cities in India with a larger team.
Eduvanz was founded by Varun Chopra and Raheel Shah in 2016 with the mission to financially empower students to choose their dream path or career. It is a new technology-led by NBFC focused on loans for skilling as well as school fees.
“We are solving problems directly linked to nation-building as well as the growth of the Indian industry. Over the next decade, our country will need skilled workforces trained in new technologies and new skills. By 2022, we need 700 million skilled workers. However, only 10 percent of the total workforce receives any formal skill training. Eduvanz is enabling higher enrollment for learners across colleges, universities, certification partners, institutes, and schools,” said Varun Chopra, CEO, Eduvanz.
The company aims to disburse Rs 400-500 crore in loans over the next two years. Since 2016, it claims to have enabled over 10,000+ borrowers, deploying more than Rs 150 crore in loans with close to zero percent credit losses.