Mumbai-based Eduvanz Financing Pvt Ltd – a skill development loan provider, today announced that it has been granted the NBFC Licence by the RBI to start providing Loans in the multi-billion skill development sector. The Firm has raised $500,000 investment led by Blinc Advisors. Eduvanz will utilize the funds for strengthening it AI based Lending technology for loan appraisal and expands its operation pan India.
Founded in 2016 by Varun Chopra, Raheel Shah and Atul Sashittal, Eduvanz Eduvanz Financing Private Limited provides education loans to deserving and needy candidates at zero percent interest rate. It has won the the Judges Award at the Wharton Indian Economic Forum’s Startup Challenge where it competed with over 500 other startups.
Eduvanz is a pioneer in using proprietary AI-based algorithms and complex predictive analytics to collate financial & socio-economic data from conventional and non-conventional sources to make lending easier for skill development. A successful pilot phase where over 12000 leads worth over $8 Million were assessed to fund over hundreds of students, Eduvanz has validated its concept.
With the non-banking financial company (NBFC) status approval from the Reserve Bank of India (RBI), Eduvanz is bringing much needed financial support in the Skill development ecosystem using analytical tools and advanced risk management capabilities to extend loans without any paperwork in a matter of minutes.
“We are solving problems that are directly linked with nation building and growth of Indian Industry. Over the next four years, more than 200 million Indians will undergo some form of skill training before they enter the work force. At Eduvanz, our mission is to financially empower every individual to chose the vocation, skills and career of their choice,” said Varun Chopra, co-founder, Eduvanz Financing Pvt Ltd.
“With this approval from RBI, Eduvanz has moved one step closer to becoming India’s leading lender for vocational courses, on-job training programs and certifications programs,” Mr Chopra added.
Eduvanz works with Training Partners, Top Corporates and Certification Providers spanning more than 16 Industry Sectors to increase their enrollments by providing innovative financial solutions to students and skill-seekers looking to skill up for their careers.
Earlier last month, Bengaluru-based fintech startup NiYO Solutions raised $13.2 million in its Series A funding from investors including Social Capital, JS Capital LLC (the family office of Jonathan Soros), and Horizons Ventures and existing investor Prime Venture Partners. Prior to this, an another Artificial intelligence-powered fintech startup Active.Ai raised $8.25 million in Series A funding led by Vertex Ventures, Creditease Holdings and Dream Incubator.
In August 2017, an another lending startup Capital Float raised $45 million (~ Rs 300 crore) in a series C round led by Palo Alto-based fin-tech investor Ribbit Capital, with substantial participation from follow-on investors SAIF Partners, Sequoia India and Creation Investments Capital Management.
Later in September’17, Lendingkart Technologies Pvt. Ltd, a fintech start-up focused on lending, raised $10.51 million from Bertelsmann, Mayfield and others.
To recall, according to a NASSCOM report published in November 2017 Fintech and healthcare are most funded segments of startups in India, in past one year. The total number of startups in the fintech space has gone up to 360 from 275 in 2016, thus registering 31% growth in the number of startups.