EduFund Raises $3.5 Mn Funding Led By MassMutual Ventures
EduFund, an India-based edu-fintech company, has raised $3.5 million in a Pre-Series A funding round led by global venture capital firm MassMutual Ventures (MMV).
Prominent investors DSP Investment Managers, Anchorage Capital Partners, and Kunal Shah also participated in the fundign round.
As per the startup, the freshly raised funds will be used to accelerate its growth, create new solutions, and invest in technology to improve its services.
EduFund | Save And Invest For Education Costs
Co-founded by Eela Dubey and Arindam Sengupta, EduFund offers a full-stack solution dedicated to helping parents save and invest for their children’s education costs.
The app-based platform assists parents with planning, saving, and investing across different asset classes to meet the rising costs of education over time.
Speaking about the development, Co-Founders Eela Dubey and Arindam Sengupta said,
“Our goal at EduFund has always been to help parents start saving early and provide solutions that will financially enable the aspirations they have for their children. With this new funding, we plan to accelerate our growth, create new solutions, and invest in technology.”
EduFund also provides education loans and scholarships, bridging the financing needs of parents. The edu-fintech firm has partnered with leading Asset Management Companies (AMC), including ICICI, Aditya Birla, Tata, DSP, UTI, and HDFC, to offer investment products, and notable lenders such as ICICI Bank, HDFC Credila, IDFC, etc. to offer education loans.
Since its inception, EduFund claims to have successfully engaged over 70,000 parents on its platform, with over 200,000 downloads.
Commenting on the development, Anvesh Ramineni, Managing Partner at MMV, said,
“The demand for world-class education in India is growing rapidly, and EduFund’s innovative approach to addressing the funding gap for higher education is very exciting. The founders’ asset management expertise and deep understanding of the market, coupled with the significance of education in Indian culture, makes the company a compelling investment opportunity. We are excited to partner with EduFund in their mission to make higher education accessible to all.”
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