Educational lending platform Propelld raises $25 million for NBFC arm Edgro

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Propelld, a fintech start-up that offers educational funding, has raised $25 million for its wholly-owned non-banking financial company (NBFC) subsidiary Edgro.

Nine lenders including Credit Saison India Private Ltd, AU Small Finance Bank, InCred Financial Services Ltd and Northern Arc Capital Ltd contributed to this. The company will utilise the funds to expand its reach and offerings.

Propelld, founded in 2019 by Bibhu Prasad Das, Victor Senapaty, and Brijesh Samantaray, provides financing options for education loans through its study now and pay later products. Additionally, its NBFC arm provides Income Sharing Agreements (ISA). The platform focuses on tier-II and tier-III cities where students have trouble obtaining loans from lenders.

“As Edgro continue to expand its reach and enhance our offerings, we are grateful for the robust support from our financial partners, which enables us to further the mission of democratizing education and empowering more students .Edgro is further actively seeking bank borrowings & co-lending partners with the same brand philosophy to expand our mission,” said Nikunj Agarwal, head of debt & lending Alliance, Propelld.

Propelld has raised nearly $40 million in funding from investors such as WestBridge Capital, Stellaris Venture Partners and India Quotient. Edgro, on the other hand, started its operations in July 2023. Their latest fundraising round, which took place in February 2022, raised $35 million.

(Inputs from BL intern Meghna Barik)