Education-focused fintech platform Propelld has raised $35 million in Series B funding led by WestBridge Capital along with 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 crore.
Propelld plans to grow the loan book rapidly in a segment with low credit penetration, and offer new products for various verticals within education. Currently employing around 150 people, the fintech platform plans to add another 100-150 employees over the next year across technology, business development and collections.
Propelld works with educational institutes to increase learner’s tuition fee affordability by providing customised loan products through a fully digital loan journey.
“We would like to thank all our institute and lending partners who have believed in us. With the latest capital infusion we will strive towards building better financial products for the educational ecosystem which will further benefit our partners,” Bibhu Prasad Das, co-founder, CEO, at Propelld, said.
"India spends over $90 Billion annually in education, however the financial penetration is still very low. Propelld aims to address this gap and increase education loan accessibility to students through tech based products. We believe Propelld will become the go-to financial player in the Education domain just as we’ve seen strong vertical-focused financial players in other domains like Affordable Housing, SME Lending, Consumer Durables etc. Propelld is already profitable and has consistently maintained excellent credit quality,” said Deepak Ramineedi, Partner, WestBridge Capital.
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