Advertisement

We're Eyeing To Triple The Number Of Loans Disbursed To 1,50,000 In 2022: Victor Senapaty, Co-Founder, Propelld

We plan to establish ourselves as the undisputed market leader in the skill-up and Edtech education markets, where we currently have a full-fledged presence.

Tell us about your startup? What was the idea behind the launch of Propelld?

a. Propelld is an education financing startup based in Bangalore. The fintech company partners with educational institutions and helps them finance their learner's (students) education.

i. Propelld works with 550+ educational institutions across India

ii. Propelld partners with multiple lenders i.e. Banks and NBFCs for the supply of funds

iii. Propelld serves even the remote areas of the country

USPs

a. We create personalized loan products for all educational institute segments based on the type of course, its end-use, and borrower profiles coming to those institutes

b. The loan process is quick and seamless on Propelld portal

c. The loan process is 100% digital and does not require manual documentation

d. We go beyond traditional credit under-writing methods to assess every learner's repayment capabilities. We also consider the academic data, institute data, and other relevant data before curating a financing plan.

The idea behind Propelld:

i. Quality education has exponential benefits in every society, and we believe no one should lose access to quality education due to financial barriers. Traditional education loans are underwritten based on the student or their parent’s security and current credit situation, which ultimately defeats the whole purpose of financing education.

Moreover, traditional financial institutions take a retail financing approach for education, whereas the nature of educational programs require a project financing approach. Project financing allows the loan products to be flexible for students.

A project financing approach translated into education financing allows credit underwriting to go beyond traditional methods and evaluate additional data like the outcome of the course offered, student’s academic performances, educational institution’s past performance.

The education industry must need a financing player specializing in it to cater to its specific requirements. This is where Propelld steps in.

What services does Propelld provide? Who is your target audience?

Propelld partners with educational institutions to provide flexible financing options to their students. Our target audience is two-fold, educational institutes and students. We work in a B2B2C model to provide financing to students for their education via partner institutions. Additionally, we also help institutes in onboarding students faster with multiple and customized loan products.

How much loans they disburse in 2021 and plan for 2022?

a. In 2021, we disbursed loans for 50000+ students. Moving ahead, we're eyeing to triple the number of loans disbursed, i.e., 1,50,000 in 2022

Growth of Propelld in 2021

At Propelld, we witnessed a 250% YoY (2020 to 2021)

Plans of Propelld in 2022

a. After achieving market fit product in the K-12 school segment of the education market, we intend to make aggressive efforts in the same as they are the most significant education market segments.

b. We plan to establish ourselves as the undisputed market leader in the skill-up and Edtech education markets, where we currently have a full-fledged presence.

How much funding have they received till now? Kindly share the names of investors?

a. Seed Round – 250k USD

b. Pre-Series-A – 2 Million USD

c. Investor Names

i. India Quotient

ii. Indian Angel Network

iii. Stellaris Venture Partners

What are your plans for the next series funding?

We will be going for the next round soon.

What trends are you expecting in the Edu-fin industry in 2022?

a. Outcome-oriented courses will gain popularity, and hence outcome-oriented financing of those courses will too.

b. In the era of 'Buy Now Pay Later,' 'Study Now Pay Later' will also get tremendous traction.

c. Financing products will be more tailored as per the requirements of the course offering.

As per the insights, which new courses will watch out in the next for education financing?

Financing for technical courses was in high demand in the past years. According to insights, the same pattern will be repeated this year as well. These tech courses are mainly for Data Science, AI/ML, and Web Development.



Around The World

Advertisement