India's top fintech NBFC Eduvanz expects the acquisition to help in empowering its student base by helping them choose the right career path




Mumbai, 19th November 2020: Eduvanz, India's top fintech Non-banking Finance Company (NBFC) enables students to Study Now, Pay Later at 0% interest rates. Backed by Sequoia and Unitus Ventures with close to $6Mn cumulative investment, Eduvanz has acquired edtech startup, Klarity, an online one-on-one platform that connects students with professionals in their area of interest to provide video-based mentoring.

Varun Chopra, CEO, and Co-Founder, Eduvanz, said "The acquisition of Klarity has helped Eduvanz reach out to a network of passionate industry mentors and more than 300 education institutes powered by mentoring that enabled them to choose the most suitable path in their education and career. Through its fantastic platform, Klarity has impacted more than 5000 careers via one-on-one mentoring and the team can help Eduvanz users not only finance their courses but also get help in choosing the right course."

The online one-on-one mentorship of Klarity runs across a span of two years, and primarily works with post-graduate students. While most of the post graduate programs ask the students to decide on their specializations in the second year, the students get confused about their prospects and job-roles that will be on offer. The mentoring program involves analytics-driven assessment, specialization-wise market realities workshops that cover job-roles followed by one-on-one mentorship meetings with industry professionals.

Manmeet Singh Akali, CEO and Founder Klarity, said "Joining forces with Eduvanz will help us amplify our reach, and intensify the impact of our work in the careers of students with whom we are working. We are equipped with a mentor network of more than 200 industry experts from some of the best companies of the world such as the Big Four consulting firms, Amazon, JP Morgan, Uber who graduated from institutes such as the IIMs, Carnegie Melon, Georgia Tech and so on. Our biggest strength is the motivation of these mentors to spare a few hours on weekends just to see the impact that their knowledge and experience can have on somebody else's career."

Eduvanz is a technology-enabled NBFC that aims at changing the way the nation pays for education by enabling learners to apply for low-cost loans via its digital platform. The users are facilitated to pay back the loans at no interest in small pocket-friendly monthly instalments instead of upfront annual fees.

Eduvanz assesses applicants using a proprietary AI-based algorithm at the back-end. They're currently present in more than 250 cities in India and have disbursed over INR 200 crore.

About Eduvanz

Eduvanz is an NBFC Fintech that enables learners to Study Now and Pay Later in small easy on the pocket instalments. The core objective of the company is to make education accessible to all learners across K-12, Test-Prep, Upskilling & UG/PG segments.

Eduvanz offers a point of sales payment solution for institutes that helps them provide instant finance thereby helping them boost enrollments. They use proprietary artificial intelligence (AI) based algorithms and predictive analytics to provide loans based on the future employability of learners. Using the mobile app, end-to-end processing from Loan Application to Credit Assessment to Disbursal happens completely online in a matter of a few hours.

Backed by Sequoia Capital and Unitus Ventures, the company was co-founded in 2016 by Varun Chopra, an IIT Madras alumni, and Raheel Shah, an IIM Ahmedabad alumni, Eduvanz has financially empowered over 15,000 learners and partnered with 350+ Institutes. They have a presence across 20 states, 240+ cities, and cover over 25+ skill industries.

Achievements include winning Wharton 2018 Economic Start-up India Competition, selection by Oracle as part of their Accelerator Cohort, selection as Champions of Change organized by Niti Aayog and PMO, and among top 13 startups of Maharashtra Fintech.

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