Propelld, an education-focused lending platform, recently secured $25 million in debt funding for its wholly-owned non-banking financial company (NBFC) subsidiary, Edgro. 

This substantial funding was raised from nine prominent lenders, including Credit Saison India Private Limited, AU Small Finance Bank, InCred Financial Services Limited, and Northern Arc Capital Limited.

As per the startup, the funding will be used to expand Edgro’s reach and enhancing its offerings in the education finance sector. 

Propelld | Education Lending Platform

Founded by Bibhu Prasad Das, Victor Senapaty, and Brijesh Samantaray in 2019, Propelld provides innovative education loan financing solutions. These include “Study Now, Pay Later” products and Income Sharing Agreements (ISA) through its NBFC arm, Edgro. One of the standout features of Propelld’s offerings is collateral-free education financing, which makes it accessible to a broader range of students.

Propelld is majorly focusing on tier II and III cities, addressing the challenges students in these areas face when securing finances from traditional lenders.

The company aims to bridge the gap in education financing in these underserved regions, providing students with the necessary financial support to pursue their educational aspirations.

Financially, Propelld has shown remarkable growth. In the fiscal year 2023 (FY23), the company’s operating revenue more than doubled to Rs 75 crore, up from Rs 33 crore in FY22. However, this rapid growth has also been accompanied by a significant increase in losses. 

Propelld operates in a competitive landscape, contending with several other education finance platforms such as Leap Finance, Financepeer, GrayQuest, Eduvanz, Auxilo, MPower Financing, and Credenc.

Propelld’s strategic focus on non-traditional lending models, such as Income Sharing Agreements and collateral-free loans, positions it uniquely in the market.

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