Eduvanz, a fintech with an NBFC licence that provides low-cost EMI credit for learning and learning-related needs, Eduvanz has raised Rs 50 crore in debt. Existing lenders MAS and Vivriti have taken incremental exposure in the round. In addition, the platform has onboarded Oxyzo and Unifi AIF as new lenders.
Eduvanz has identified off-balance-sheet partnerships to be the key strategy and intends to keep the balance sheet light. The company had total assets under management (AUM) of Rs 288.4 crore as of December 2021 and going forward, intends to have 70 per cent of the AUM as off-balance sheet, as against the current 62 per cent.
Varun Chopra, Co-founder and CEO of Eduvanz, said, “Our loan disbursements have almost doubled in FY22 at Rs 337 crore as against Rs 195 crore in FY21. This is a clear sign for us to continue our efforts towards making education across levels in India, far more accessible and affordable.”
“Our in-house tech expertise has helped curate customised products for the learner-institute combination, ultimately resulting in flexibility for the user. Further, our ability to underwrite every one of these learners has demonstrated that we are a reliable partner in each of their journeys,” he added.
Partnering with more than 1,000 educational institutes, Eduvanz has disbursed over 100,000 loans to learners across the country to date. Backed by investors such as Sequoia Capital, Unitus Ventures, and Juvo Ventures, among others, Eduvanz has cumulatively raised more than $20 million in funding as yet.
The company was recently rated as BBB- /Stable by CRISIL, reflecting adequate capitalisation metrics of Eduvanz for the current scale of operations and its first-mover advantage in a niche segment like education financing.
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