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Jul, 03 2019

Bengaluru-based education financing platform Propelld secures Rs 15 crore funding

The fresh capital will be used by the company to increase its base of institutes and students by 10 times over the next 18 months.

Propelld, a student education financing platform, has secured Rs 15 crore from early-stage investors Stellaris Venture Partners and India Quotient, among others.

The round has also seen participation from existing investor Indian Angel Network Fund, along with other investors including Raghunandan G, Co-Founder of TaxiForSure, and Ramakant Sharma, Co-Founder of Livspace, both of whom participated as members of Stellaris’ Founder Network.

The Bengaluru-based company is owned and operated by Bluebear Technologies Pvt Ltd. The platform has collaborated with over 150 educational institutes across India and has extended loans to more than 1,500 students.

The fresh capital will be used by the company to increase its base of institutes and students by 10 times over the next 18 months.

Bibhu Prasad Das, Co-Founder of Propelld, said, “We have been able to provide financing to erstwhile un-serviced segments while maintaining excellent portfolio performance, through our unique approach to credit underwriting.”

Ritesh Banglani, Partner at Stellaris, stated, “Education financing is a massive under-served opportunity in India where a tiny percentage of students have access to bank credit.”

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