Digital non-banking company Eduvanz has raised $5 mn as part of its Series A round led by Sequoia India, along with existing investor Unitus Capital, The funds will be utilised to create technologies around artificial intelligence-based risk management, and easier collections to support borrowers through their lending journey.
Eduvanz provides loans to students for upskilling as well as school fees, and leverages parameters like social media scores, education scores as well as taking guardians or parents as guarantors, to enhance its underwriting process.
“There is a large unmet credit need for education in India. Eduvanz is catering to this by building a differentiated lending business with exceptional credit quality. Their future employability-based underwriting approach will make education and skilling more accessible to accelerate a diverse range of careers," said Ashish Agrawal, principal, Sequoia Capital India LLP.