Propelld, a financial technology startup that empowers student education loans, has successfully secured a substantial $25 million in debt funding for its wholly-owned NBFC subsidiary, Edgro. This significant financial boost, obtained from nine reputable lenders including Credit Saison India Private Limited, AU Small Finance Bank, InCred Financial Services Limited, and Northern Arc Capital Limited, is set to propel Edgro’s expansion plans into action, promising a brighter future for the company and its stakeholders.
Co-founded in 2019 by Bibhu Prasad Das, Victor Senapaty and Brijesh Samantaray, Propelld offers education loan financing solutions through Study Now and Pay Later products as well as Income Sharing Agreements (ISA) via the NBFC arm. The platform also introduced collateral-free education financing. It targets tier II and III cities where students need help securing finances from accredited lenders. Propelld works with more than 2,000 educational Institutes across EdTech, K12, universities, schools and upskilling, with an annual disbursal run rate of Rs 1,200 crore and NPAs below 1%.
Speaking about this significant milestone, Nikunj Agarwal, Head of Debt and Lending Alliance at Propelld, expressed his gratitude to the financial partners and said:
We are leveraging these funds to ensure that more and more students can access flexible loan options. As Edgro continues to expand its reach and enhance its offerings, we are deeply grateful for the unwavering support from our financial partners, which enables us to further the mission of democratising education and empowering more students.
Agarwal added:
Edgro is further actively seeking bank borrowings and co-lending partners with the same brand philosophy to expand our mission.
While Edgro started operations in July 2023, Propelld has already raised nearly $40 million from WestBridge Capital, Stellaris Venture Partners, and India Quotient. Its last fundraising effort, worth $35 million, occurred in February 2022.
