Fintech start-up Eduvanz aims to revolutionize the student loan market -Kajol Taneja

The startup claims to have empowered more than 15,000 learners in 20 states, more than 240 cities and covered more than 25 skill areas

Mumbai-based fintech start-up Eduvanz provides services around the student loan market. The platform offers loans with user-friendly monthly payments at zero percent rates so that students can take any course at any recognized institute or university or in partnership with the company. By far the society has links with more than 8 institutes and their team consists of around 100-150 members. NBFC based on technology, Eduvanz follows the B2B2C business model and operates in several cities. The startup claims to have empowered more than 15,000 learners in 20 states, more than 240 cities and covered more than 25 skill areas.

The main reason that led to the creation of Eduvanz was when founders Varun and Raheel started creating their first startup CurrEQlum, where they saw the majority of parents inundated with pending tuition and tuition fees and often delay. these payments due to the unavailability of hassle-free. , quick and accessible financial assistance. They felt that the problem was more serious in I-III cities, when it came to enrolling in vocational courses and coaching institutes or preparatory classes, as banks mainly focused on loans. to higher education. This resulted in an interruption of education and a loss of opportunities.

This reflection led to the creation of Eduvanz, in 2016 by IIT Madras graduate Varun chopra and Ahmedabad alumnus Raheel Shah, with the aim of bringing together all stakeholders, namely parents, students, institutes, flexible loan terms and transparency with loan requirements.

Since its inception, the platform has grown 15 times the number of monthly users and managed to raise a total of around $ 6.7 million over 3 rounds, with its highest Series A funding. recent on August 4, 2020 led by Sequoia Capital. The platform also acquired Klarity, an online platform offering video mentoring by professionals.

From being an alternative lender, Eduvanz aims to become the go-to financing solution for learners of all categories – K-12, development / skills, undergraduate and postgraduate courses, as well as test preparation, Varun explains. The startup is in the process of launching its first credit card for learners and students. “The mission is to empower students to pursue the studies of their choice and enable them to make informed decisions by giving them access to affordable financial resources and impartial advice,” adds Varun.

According to the founders, the sole purpose of the platform is to help and empower the learner to seek out their preferred training and enable them to make informed choices by giving them access to reasonable monetary assets and unbiased advice. .

Sending out its first credit card for students and learners, Eduvanz aims to become the go-to financing solution for students of all grades – K-12, Development / Skills, Undergraduate and Postgraduate courses. , as well as test preparations.

As the education sector in India reaches the digital last mile, it will be intriguing to see how the startup keeps pace and brings new facilities in its efforts to develop varieties.

Priscilla C. Carnegie