Education finance platform EduFund raises $6 million from Cercano Management, MassMutual Ventures
The funds will be used for scaling artificial intelligence (AI)-driven advisory, expanding the range of loan products, and deepening presence in tier II and tier III markets.
'Education is a consumer staple in India, and parents already spend about 30 percent of their earnings on it. With costs rising at home and abroad, the middle-class Indian parent faces a major challenge,' said Eela Dubey, cofounder and chief executive of EduFund. Founded in 2020, EduFund helps fund children's education from early years to higher studies. Its suite of tools spans investments, loans, visas, immigration, international remittance, and expert counselling, translating to end-to-end financial planning. The company has a partner network of over 40 asset management firms and more than 15 lending institutions (public and private sector banks, NBFCs, and international lenders).This comes at a time when there is a temporary dip in the global study abroad market driven by macroeconomic challenges and stricter visa regulations.The startup has raised a total of $12 million to date. Commenting on the investment, Danika Ariadna, vice president of Cercano Management, said, 'Higher education is getting costlier and less accessible worldwide. So, parents need a platform that helps them start planning early.' 'Our follow-on investment underscores our confidence in EduFund's innovative approach,' said Doug Russell, managing partner and head of MassMutual Ventures.On June 3, education financing startup GyanDhan raised Rs 50 crore in a funding round from edtech firm Classplus and venture capital firm Pravega Ventures. In March, Leap Finance, the student lending arm of study abroad platform Leap, secured $100 million in debt funding from London-headquartered bank HSBC through its Asean Growth Fund. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. From near bankruptcy to blockbuster drug: How Khorakiwala turned around Wockhardt
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