MUMBAI: Eduvanz, a non-bank lender that specialises in education financing, has raised $5 million (37.38 crore) in a Series-A round led by venture capital firm Sequoia. The funding round also saw participation of Unitus, which is an existing investor in the company.
The fresh capital will be used to expand the company’s presence in towns and improve its collection efficiency and lending cycle management, Eduvanz said in a statement shared with ET.
“The funds will be utilised towards creating a seamless borrower experience with secure, scalable, innovative and agile technologies to support the lending cycle,” it said.
“This includes new credit products, AI-based risk management and easier collections to support borrowers through their lending journey.”
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