Student loans startups Eduvanz Financing is raising INR 23 Cr ($3 Mn) in Series A funding round led by Sequoia’s SCI Investment VI fund. Redwood Trust, Vistra ITCL on behalf of Unitus Seed Fund India II and QED Innovation Labs will also be participating in this round.
Eduvanz Financing will be allocating 77,067 Series A shares at a face value of INR 100 ($100.31) and premium of INR 2891.31 ($38.54) each share leading to INR 23,05,32,287($3 Mn).
Eduvanz Financing is a non-banking financial corporation (NBFC) and private finance company that offers low-interest student, education, career, skill development loan.The startup uses technology to assign credit scores to loan-seeking students, based on their socio-economic and demographic background. It has also partnered with more than 80 institutes such as Imarticus, K-11, and ISBM to boost its value proposition beyond loans to offer placement and scholarship support for students.