Fintech Startup, Eduvanz Aims At Revolutionizing the Student Loan Market

Mumbai-based fintech startup Eduvanz, provides services around the student loan market. The platform brings loans with pocket-friendly monthly instalments at zero percent rates for students to pursue any course at any instutue or university either recognised or in partnership with the company. By far the company has tie-ups with over 8- institutes and their team comprises of roughly 100-150 members. A tech-enabled NBFC, Eduvanz follows the B2B2C business model and operates in multiple cities. The startup claims to have empowered more than 15,000 learners across 20 states, 240-plus cities and covered over 25 skill industries.

The primary reason which led to the inception of Eduvanz was when founders Varun and Raheel began to set up their first startup CurrEQlum, where they witnessed majority of parents get inundated with pending school and tuition fees and often delaying these payments due to unavailability of hassle free, rapid, and accessible financial assistance. They felt that the problem was more severe in Tier I-III cities, when it came to enrolment in vocational courses and coaching institutes or prep classes as banks focused majorly higher education loans. This resulted to discontinued education and loss of opportunities. 

This thought led to the inception of Eduvanz, in 2016 by IIT Madras graduate, Varun chopra and Ahmedabad alumnus Raheel Shah , with an aim of bringing together all stakeholders i.e. parents, students, institutes , flexible loan tenures and transparency with loan requirements 

Since its inception, the platform has witnessed 15X growth in monthly user numbers and has managed to raise a total of roughly USD 6.7 Million over 3 rounds , with its most recent Series A funding in August 4, 2020 led by Sequoia Capital. The platform also acquired Klarity an online platform providing video-based mentoring by professionals. 

From being an alternative lender, Eduvanz aims to become the go-to financing solution for learners in all categories — K-12, upskilling/skilling, undergraduate and postgraduate courses, as well as test preparation, says Varun. The startup is in the process of launching its first credit card for learners and students. “The mission is to empower students to pursue the education of their choice and enable them to take informed decisions by providing access to affordable financial resources and unbiased advice,” adds Varun.

According to the founders, the sole aim of the platform is helping and empowering the learner to seek their preferred training and enabling them to make learned choices by providing access to reasonable monetary assets and impartial counsel.

In the process of dispatching its first credit card for students and learners, Eduvanz is aiming at becoming the go-to financing solution for students in all classes — K-12, upskilling/skilling, undergrad and postgraduate courses, along with test preps.

While the education sector in India reaches the last mile digital, it will be intriguing to see how the startup keeps up and brings in new facilities in its efforts to grow manifolds.