India's education-focused fintech Propelld raises $25m for NBFC unit Edgro

India's education-focused fintech Propelld raises $25m for NBFC unit Edgro

Propelld, an education-focused fintech firm, has raised $25 million in debt investment for its licenced non-banking financial company (NBFC) unit Edgro.

Edgro raised the amount from nine lenders including Credit Saison India Private Limited, AU Small Finance Bank, InCred Financial Services Limited and Northern Arc Capital Limited.

“The education lending sector holds significant growth potential, especially in tier 2 and tier 3 cities where students face difficulties in securing finances from accredited lenders due to limited access. Others have to resort to high-interest loans from private lenders or by pledging gold, adding to their burden,” the company said in a statement.

Edgro is further actively seeking bank borrowings & co-lending partners to democratise access to education through innovative financial offerings., the firm said.

Founded in 2019 by Bibhu Prasad Das, Victor Senapaty and Brijesh Samantaray, Propelld introduced education loan financing solutions such as Study-Now-and-Pay-Later products as well as income-sharing agreements.

Other NBFCs that recently received funding include Northern Arc, which secured an investment of $80 million from the International Finance Corporation (IFC). Ambit Finvest raised Rs 690 crore ($83 million) from Japanese brokerage and investment bank Daiwa Securities Group, its parent company, and existing investors.

Edited by: Padma Priya

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter

This is your last free story for the month. Register to continue reading our content