Propelled, a Bengaluru-based fintech startup that permits scholar education loans, on Monday, announced that it has raised Rs 15 crore from Stellaris Venture Partners and India Quotient.Existing investor India Angel Network Fund (IAN Fund) also participated within the round. Other traders in the spherical encompass Raghunandan G, founder of Taxiforsure and Ramakant Sharma, founding father of Livspace, who participated as members of Stellaris’ Founder Network.Bibhu Prasad Das, Founder, Propelled stated,
“We are expanding the schooling credit market via growing tailored loan products with inputs from our institute and NBFC partners so that default threat is diagnosed early, and the disadvantage is shared among the stakeholders.”
The startup closing secured a seed spherical of Rs 1.7 crore from IAN in 2018.
Propelled has tied with over 150 educational institutes throughout the united states and extended loans to more than 1500 college students thus far. With this investment, it plans to increase its base of institutes and college students 10x over the subsequent 18 months.
Founded in 2017 with the aid of Bibhu Prasad Das, Victor Senapaty and Brijesh Samantaray, Propelled allows offer financing to students pursuing vocational schooling in areas starting from gadget learning to hospitality control. The startup uses proprietary employability-primarily based underwriting set of rules to assess the future employment prospects and creditworthiness of its customers. It caters to folks who do now not have access to formal bank credit.
Ritesh Banglani, Partner, Stellaris Venture Partners stated,
“Education financing is a huge below-served possibility in India wherein a tiny percentage of college students have to get entry to to financial institution credit. Propelled can decide the students’ future earnings and consequently provide credit score to a miles large scholar population.”
Anand Lunia, Founding Partner, India Quotient brought,
“Propelled is bringing schooling loans to the factor of transport of the path, providing convenience to the pupil and better conversion to the institute. Their era-based approval techniques ensure quick loan approvals without compromising on rigorous danger underwriting”.
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