Udaipur : 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 BrijeshSamantaray, 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.
Speaking on the fund raise, 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.”
– BrijeshSamantaray, Co-founder, Propelld added.
“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.”
– Nitin Vijay, MD, Motion Education Pvt. Ltd.
