Propelld secures $25 million of debt funds through its NBFC subsidiary

Bengaluru, 17 May: Propelld, a fintech leader in education lending, on Friday said it has secured over $25 million of debt funds for Edgro, its wholly-owned NBFC subsidiary.

Edgro has raised the amount from nine lenders such as Credit Saison India, AU Small Finance Bank, InCred Financial Services and Northern Arc Capital, the company said in a release.

“We are leveraging these funds to ensure that more and more students can access flexible loan options. As Edgro continue to expand its reach and enhance our offerings, we are grateful for the robust support from our financial partners, which enables us to further the mission of democratizing education and empowering more students," said Nikunj Agarwal, Head of Debt & Lending Alliance of Propelld.

“Edgro is further actively seeking bank borrowings & co-lending partners with the same brand philosophy to expand our mission,” he added.

The education lending sector holds significant growth potential, especially in tier-2 and tier 3 cities where students face difficulties in securing finances from accredited lenders due to limited access. Edgro, which commenced operations only in July 2023, has raised such a significant amount due to the company’s reliance on the larger mission of democratizing access to education through innovative financial offerings.

Founded in 2019 by Bibhu Prasad Das, Victor Senapaty and Brijesh Samantaray, Propelld was one of the first to introduce innovative education loan financing solutions such as Study Now and Pay Later products as well as Income Sharing Agreements. The company has gone beyond traditional credit assessment techniques to launch collateral-free education financing, the company said.

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