Eduvanz Secures $2.9M in Bridge Round to Strengthen Education Lending Operations

Eduvanz, a non-banking financial company (NBFC) focused on education financing, has raised $2.9 million in a bridge funding round co-led by existing investors Juvo Ventures and Capria Fund. The round also included participation from Peak XV Partners and Unitus Ventures, further expanding Eduvanz’s investor base as it seeks to enhance its operations.

The company’s regulatory filings reveal that during an extraordinary general meeting held on February 1, its board approved a resolution to issue 26,405 compulsorily convertible preference shares (CCPS) at a price of INR 9,667 per share, amounting to a total investment of approximately 25.52 crore INR ($2.9 million). The funding saw Capria Fund injecting $1.04 million (8.66 crore INR) through two funds, while Juvo Ventures committed $1.03 million (8.57 crore INR). Meanwhile, Peak XV Partners contributed $516,000 (4.28 crore INR), and Unitus Ventures invested $482,000 (4 crore INR) into the NBFC.

Following this round, Peak XV Partners will hold a 31.72% stake in Eduvanz, while Juvo Ventures and Capria Fund will own 4.89% and 3.14%, respectively. Unitus Ventures Opportunity Fund I will hold 3.24% of the company’s shares. This capital infusion will primarily support Eduvanz’s working capital requirements, alongside its plans to boost product development and marketing efforts.

Founded in 2016 by Varun Chopra and Raheel Shah, with Parth Upadhyay later joining the founding team, Eduvanz has carved a niche in providing online loans for students and working professionals aiming to upskill. The company collaborates with educational institutions to offer tailored financing solutions for a wide array of courses.

Over the years, Eduvanz has raised nearly $49 million through a combination of debt and equity funding. Its list of prominent backers includes Rethink Education, Tiger Global, MAS, Vivriti, Oxyzo, Unifi AIF, S3 Group Partners, InCred Financial Services, Vivriti Capital, and Northern Arc Capital. Most recently, it secured $12.6 million in December 2022 in an extended Series B round led by Rethink Education Ventures. Prior to that, in 2021, the company raised 100 crore INR in a Series B round, followed by a $10 million debt financing round.

The education-focussed NBFC competes with players such as Varthana Finance, Avanse Financial Services, Propelld, and Leap Finance. The sector has witnessed significant investor interest recently, with Leap raising $65 million in its Series E round in January 2025, and Varthana securing 120 crore INR in debt from BlueOrchard Microfinance Fund in December 2024.

Company Names: Eduvanz, Juvo Ventures, Capria Fund, Peak XV Partners, Unitus Ventures, Rethink Education, Tiger Global, MAS, Vivriti, Oxyzo, Unifi AIF, S3 Group Partners, InCred Financial Services, Vivriti Capital, Northern Arc Capital, Leap, Varthana, Avanse Financial Services, Propelld