GradRight, a Mumbai-based startup that helps students select their university majors and finance their studies, has raised INR 50 crore ($6.05 million) as a part of its Series A funding from homegrown venture capital firm IvyCap Ventures.
GradRight, founded in 2019 by Aman Singh and Sasidhar Sista, assists students seeking to study abroad with securing funding. The online platform connects potential students, universities, and financiers. It claims to eliminate intermediaries and promote transparency and accountability. The startup has developed an AI-based ecosystem of universities and banks, enabling students to make informed decisions on programmes, universities to identify suitable students and banks to finance them.
Speaking on the fundraising, the Founders of GradRight said in a joint statement:
As a tech-first company with a platform-based approach to solving these problems, we are committed to ensuring that every student has the resources they need to obtain the education they deserve. We are delighted that IvyCap Ventures shares our vision and has chosen to support us in our mission and global ambition. Their belief in our unique business model further strengthens our commitment.
GradRight claims to have processed loan requests of more than $1.75 billion (INR 14,300 Cr) and assisted more than 55,000 students via its platform. It also claims to have collaborations with 15 lenders and 50+ international academic institutions in the United States, Canada, and Europe, offering students a choice of 13,100 programmes across 1,000 universities.
Vikram Gupta, Founder and Managing Partner of IvyCap Ventures, commented:
GradRight’s technology-driven solution is well-positioned for profitable scaling; it is adaptable across markets and can emerge as a leader in the sector.
With this funding, the startup aims to build an AI-powered network involving universities and financial institutions to improve the accessibility and cost of international higher education for low- and middle-income students. As part of the deal, Tej Kapoor, IvyCap Ventures’ managing partner, will join the GradRight’s board.
GradRight had previously raised funds from undisclosed angel investors in Silicon Valley and Wall Street.