Propelld, an education-focused fintech platform, has raised Rs. 262 Crore in Series B funding round led by WestBridge Capital along with the 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 has tie-ups with over 550 educational institutes and is currently clocking an annual loan disbursal run rate of Rs. 600 Cr.
With the current funding round, Propelld plans to grow the loan book rapidly in segments with low financing penetration and strengthen their tech platform’s capabilities to enhance the user experience of the learners and partner institutions. Propelld works with educational institutes to increase learner’s tuition fee affordability by providing customized loan products through a fully digital loan journey.
Funds from the round will be utilized to strengthen the distribution capabilities across demographics and introduce new loan products that are strategically relevant to the institutions’ requirements. After leading in the ed-tech and up-skilling market with partners like Upgrad, Unacademy, Vedantu, Propelld is now expanding into the school, coaching, and university segment, and has already partnered with Allen, Aakash, and other renowned institutions of Chennai.