Eduvanz, a fintech non-banking finance company that claims to provide affordable and convenient education loans, has raised INR 104.5 crores ($12.6 million) in its extended Series B round from new and existing backers. This is the maiden equity funding for the Mumbai-based company in 2022.
According to the company’s regulatory filings with the Registrar of Companies, the board at Eduvanz has passed a special resolution to issue 68,373 Series B1 CCPS at an issue price of Rs 15,283.71 per share to raise Rs 104.5 crore. Rethink Education Ventures led the round with Rs 41.5 crore while existing investors: Sequoia Capital, Juvo Ventures, and Unitus Ventures pumped in Rs 16.59 crore, Rs 29.04, and 16.59 crore respectively.
Following the new proceeds, Sequoia holds a 32.4% stake in Eduvanz while Rethink, Juvo, and Unitus command 5%, 3.50%, and 2% respectively, the regulatory filings further mentioned.
Co-founded by Varun Chopra, Raheel Shah and Atul Sashittal in September 2016, Eduvanz provides low-cost loans to students via its digital platform and aims to make education accessible to all learners across K-12, Test-Prep, and upskilling and UG/PG segments. The company has enabled more than 25,000 learners and has disbursed loans worth Rs 337 crore in FY22. Its mission is to financially empower students to choose their dream careers at institutes and colleges of their choice by having access to loans.
The platform also offers convenient and flexible financial assistance to students and leaders who want quick results, attractive benefits and transparent conversations. Eduvanz is committed to providing high quality and reliable solutions to all its stakeholders through innovative technology products.
Eduvanz’s revenue from operations Surged 2X to Rs 27.5 crore in FY22 from Rs 13.6 crore in FY21 while its losses widened to Rs 23.15 crore in the last fiscal year as compared to Rs 10.44 crore in FY21. So far, the firm has raised more than $30 million in equity and debt rounds including a Rs 50 crore debt in April. Its valuation increased by almost 49% as Eduvanz was valued at $70 million in the last round, according to a report.