Bengaluru-based education-focused fintech platform Propelld has raised $35 million in a Series B funding round led by WestBridge Capital, along with existing investors Stellaris Venture Partners and India Quotient. 

Propelld plans to grow the loan book rapidly in a segment with low credit penetration and offer new products for various verticals within education. Working with a team of 150 members, the startup plans to add another 100-150 employees over the next year across technology, business development and collections.

Propelld | Democratising Access To Education

Founded by IIT Madras trio of Bibhu Prasad Das, Victor Senapaty and Brijesh Samantaray in 2017, Propelld is a fintech startup that approves student loans by going beyond traditional underwriting norms and assessing their loan repayment capability based on their academics, type of institute, and outcome of the course into account, along with credit history.

The startup has tie-ups with over 550 educational institutes and is currently clocking an annual loan disbursal run rate of Rs 600 crore.

Speaking on the development, Bibhu Prasad Das, Co-founder and CEO at Propelld, said, 

“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.”

With a stronghold and full-fledged presence in the edtech, up-skilling, and job-focused market, the Bengaluru-based education-focused fintech platform plans to expand its operations in other education segments too.

Deepak Ramineedi, Partner at WestBridge Capital, stated that 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. 

Deepak Ramineedi added,

“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.” 

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