Eduvanz, a Mumbai-based fintech startup, has raised $5 million in its Series A round led by Sequoia India, along with existing investor Unitus Ventures, according to Mint.
Founded in 2016, Eduvanz provides loans to students for upskilling as well as school fees. It claims to have served over 10,000 borrowers.
“The funds will be utilised towards creating a seamless borrower experience with secure, scalable, innovative, and agile technologies to support the lending cycle,” according to the statement. “This includes new credit products, AI-based risk management, and easier collections to support borrowers through their lending journey.”
The newly infused capital will also be used to expand into smaller towns in India.
Eduvanz aims to disburse ₹400-500 crore in loans over the next two years. Since inception, it has enabled over 10,000 borrowers, deploying more than ₹150 crores in loans.
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