Propelld's Edgro Secures $25 Million in Debt Funding to Revolutionize Education Finance Expansion
May 20, 2024, 9:30 pm
Location: India, Karnataka, Bangalore
Employees: 201-500
Founded date: 2017
Total raised: $25M
Propelld, a pioneering education-focused lending platform, has recently made waves in the financial sector by successfully securing a substantial $25 million in debt funding for its NBFC subsidiary, Edgro. This significant funding milestone, achieved through the support of nine prominent lenders, marks a pivotal moment in Propelld's journey towards expanding and enhancing its offerings in the dynamic and ever-evolving education finance sector.
Established in 2019 by the visionary trio of Bibhu Prasad Das, Victor Senapaty, and Brijesh Samantaray, Propelld has been at the forefront of providing innovative education loan financing solutions to students across the country. Through its NBFC arm, Edgro, Propelld offers a range of financial products, including the popular "Study Now, Pay Later" scheme and Income Sharing Agreements (ISA), designed to empower students to pursue their educational dreams without the burden of immediate financial constraints.
One of the standout features of Propelld's offerings is its commitment to providing collateral-free education financing, a game-changer that has opened doors for a broader spectrum of students, particularly those residing in tier II and III cities who often face challenges in securing financial support from traditional lenders. By focusing on these underserved regions, Propelld aims to bridge the gap in education financing and empower students with the necessary resources to unlock their full potential.
While Propelld has experienced remarkable growth in operating revenue, with a doubling in figures from Rs 33 crore in FY22 to Rs 75 crore in FY23, this rapid expansion has also been accompanied by a notable increase in losses. Operating in a competitive landscape alongside other education finance platforms such as Leap Finance, Financepeer, GrayQuest, Eduvanz, Auxilo, MPower Financing, and Credenc, Propelld's strategic emphasis on non-traditional lending models like Income Sharing Agreements and collateral-free loans sets it apart as a unique player in the market.
As Propelld continues to make strides in revolutionizing the education finance sector, the recent debt funding secured by Edgro serves as a testament to the platform's unwavering commitment to empowering students and democratizing access to quality education. With a vision to transform the landscape of education finance and create a more inclusive and equitable system for all, Propelld stands poised to shape the future of education financing in India and beyond.
Established in 2019 by the visionary trio of Bibhu Prasad Das, Victor Senapaty, and Brijesh Samantaray, Propelld has been at the forefront of providing innovative education loan financing solutions to students across the country. Through its NBFC arm, Edgro, Propelld offers a range of financial products, including the popular "Study Now, Pay Later" scheme and Income Sharing Agreements (ISA), designed to empower students to pursue their educational dreams without the burden of immediate financial constraints.
One of the standout features of Propelld's offerings is its commitment to providing collateral-free education financing, a game-changer that has opened doors for a broader spectrum of students, particularly those residing in tier II and III cities who often face challenges in securing financial support from traditional lenders. By focusing on these underserved regions, Propelld aims to bridge the gap in education financing and empower students with the necessary resources to unlock their full potential.
While Propelld has experienced remarkable growth in operating revenue, with a doubling in figures from Rs 33 crore in FY22 to Rs 75 crore in FY23, this rapid expansion has also been accompanied by a notable increase in losses. Operating in a competitive landscape alongside other education finance platforms such as Leap Finance, Financepeer, GrayQuest, Eduvanz, Auxilo, MPower Financing, and Credenc, Propelld's strategic emphasis on non-traditional lending models like Income Sharing Agreements and collateral-free loans sets it apart as a unique player in the market.
As Propelld continues to make strides in revolutionizing the education finance sector, the recent debt funding secured by Edgro serves as a testament to the platform's unwavering commitment to empowering students and democratizing access to quality education. With a vision to transform the landscape of education finance and create a more inclusive and equitable system for all, Propelld stands poised to shape the future of education financing in India and beyond.