Education financing startup Propelld raises Rs 15 Cr
Propelld, a Bengaluru-based fintech startup that helps students to get education loan has raised Rs 15 crore from Stellaris Venture Partners and India Quotient. Existing investor India Angel Network Fund (IAN Fund) also participated in the round with other investors like Raghunandan G, founder of Taxiforsure and Ramakant Sharma, founder of Livspace, who participated as members of Stellaris’ Founder Network. The startup last secured a seed round of Rs 1.7 crore from IAN in 2018.
Propelld helps students financially to pursue vocational training in areas like machine learning, hospitality management, etc. Propelld has partnered with over 150 educational institutes across the country and extended loans to more than 1500 students so far. It serves to all those students who do not have access to formal bank credit and helps determining the students’ future income and consequently offer credit to a much larger student population. Their technology-based approval processes ensure quick loan approvals without compromising on rigorous risk underwriting.
With this funding, it plans to increase its base of institutes and students 10x over the next 18 months and aims to bring education loans to the point of delivery of the course, providing convenience to the student and higher conversion to the institute.