Propelld works with educational institutes to increase learner’s tuition fee affordability by providing customized loan products through a fully digital loan journey.
Funds from the round will be utilized to strengthen the distribution capabilities across demographics and introduce new loan products that are strategically relevant to the institutions’ requirements.
After leading in the ed-tech and up-skilling market with partners like Upgrad, Unacademy, Vedantu, Propelld is now expanding into the school, coaching, and university segment, and has already partnered with Allen, Aakash, Samsidh International School, Mount Litera Zee School, Indira Priyadarshini, Presidency University, Ramaiah Institute of Management, and other renowned institutions of Bangalore.
Mumbai, February 18, 2022: Propelld, an education-focused fintech platform, has raised Rs. 262 Crore in Series B funding round led by WestBridge Capital along with the existing investors – Stellaris Venture Partners and India Quotient. Founded in 2017 by IIT Madras trio of Bibhu Prasad Das, Victor Senapaty, and Brijesh Samantaray, Propelld has tie-ups with over 550 educational institutes and is currently clocking an annual loan disbursal run rate of Rs. 600 Cr.
With the current funding round, Propelld plans to grow the loan book rapidly in segments with low financing penetration and strengthen their tech platform’s capabilities to enhance the user experience of the learners and partner institutions.
Speaking on the fund raise, Bibhu Prasad Das, Co-founder, CEO at Propelld, said,
“We have been able to fulfill the educational dreams of students that are not served by traditional financial institutions. We are seeing remarkable traction from the artnerships activated in the city so far, reinforcing our belief in the business model and market opportunities.”
“We aim to increase the country’s gross enrollment ratio and financing penetration in the education market by bringing disruptive loan products that were long overdue in the space.” Brijesh Samantaray, Co-founder, Propelld added.
“Motion Education always supports the students who face challenges in financing their education, and Propelld has been commendably helpful in this purpose. While traditional financing options are not the right fit for such students, Propelld has built specialized financing products for the coaching space.” – Nitin Vijay, MD,Motion Education Pvt. Ltd.
This article was shared with Prittle Prattle News as a Press Release
