Propelld, an education-focused fintech platform has announced it has raised $35 million in Series B funding round 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 claims to have tie-ups with over 550 educational institutes and is currently clocking an annual loan disbursal run rate of Rs 600 crore, it said in a press statement.
With the current funding round, 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, Propelld plans to add another 100-150 employees over the next year across technology, business development and collections.
Bibhu Prasad Das, Co-founder, CEO at Propelld, said, “With the latest capital infusion we will strive towards building better financial products for the educational ecosystem which will further benefit our partners. “
Deepak Ramineedi, Partner, WestBridge Capital, 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.”
Propelld said it plans to expand its operations in other education segments too.
