Digital Lending Platform Propelld Raises USD 25 Mn Debt for NBFC Arm Edgro The Bengaluru-based platform aims to deploy the raised money to expand its offerings and market reach.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Education-focused lender Propelld announced that it has raised over USD 25 million through debt for its wholly-owned NBFC subsidiary, Edgro.
AU Small Finance Bank, InCred Financial Services Limited, Credit Saison India Private Limited, and Northern Arc Capital Limited are among the nine lenders who have contributed to Edgro's fundraising efforts.
The platform aims to deploy the raised money to expand its offerings and market reach.
Nikunj Agarwal, Head of Debt and Lending Alliance, Propelld, said, "We are leveraging these funds to ensure that more and more students can access flexible loan options. As Edgro continues to expand its reach and enhance our offerings, we are grateful for the robust support from our financial partners, which enables us to further the mission of democratising education and empowering more students."
"Edgro is further actively seeking bank borrowings and co-lending partners with the same brand philosophy to expand our mission," he added.
Founded in 2019 by Bibhu Prasad Das, Victor Senapaty, and Brijesh Samantaray, Propelld provides financing options for education loans through its Study Now and Pay Later programs. Through its NBFC branch, the company also provides Income Sharing Agreements (ISAs). Additionally, it offered collateral-free education financing.
The platform is aimed at tier II and tier III cities where students encounter challenges in obtaining loans from accredited lenders.
Propelld has received close to USD 40 million from investors including WestBridge Capital, Stellaris Venture Partners, and India Quotient, whereas Edgro began operations in July 2023. In February 2022, Propelld raised USD 35 million in the Series B round.
