BHUBANESWAR/CUTTACK/ROURKELA, FEBRUARY 18, 2022
Propelld, an education-focused fintech platform, has raised Rs. 262 crore in Series B funding round led by West Bridge Capital along with the existing investors – Stellaris Venture Partners and India Quotient.
Founded by IITians Bibhu Prasad Das, Victor Senapaty and Brijesh Samantaray in 2017, Propelld has now tie-ups with over 550 educational institutes and is currently clocking an annual loan disbursal rate of Rs. 600 crore.
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.
After leading in the ed-tech and up-skilling market with partners like Upgrad, Unacademy and Vedantu, Propelld is now expanding into the school, coaching, and university segment, and has already partnered with Allen, Aakash, DPS, CV Raman Global University, and other renowned institutions of Bhubaneswar, Cuttack and Rourkela.
Speaking on the fund raising, Bibhu Prasad Das, Co-founder, CEO at Propelld, said, “We have been able to fulfill the educational dreams of students that are not served by traditional financial institutions. We are seeing remarkable traction from the partnerships activated in the city so far, reinforcing our belief in the business model and market opportunities.”
“We aim to increase the country’s gross enrollment ratio and financing penetration in the education market by bringing disruptive loan products that were long overdue in the space,” added Brijesh Samantaray, Co-founder, Propelld.
“Motion Education always supports the students who face challenges in financing their education, and Propelld has been commendably helpful in this purpose. While traditional financing options are not the right fit for such students, Propelld has built specialized financing products for the coaching space,” commented Nitin Vijay, MD, Motion Education Pvt. Ltd.