Saturday, June 15, 2024
Outlook.com
Outlook India
Outlook Business

Edu-Fintech Start-up EduFund Raises $3.5M In Pre-Series A Funding

Started in 2020 by founders Eela Dubey and Arindam Sengupta, the company offers a full-stack solution dedicated to helping Indian parents to plan, save and invest in their children's future education

Edu-Fintech Start-up EduFund Raises $3.5M In Pre-Series A Funding
Team EduFund

Outlook Start-Up Desk

POSTED ON May 04, 2023 2:53 PM

EduFund, an India-based edu-fintech company, has raised $3.5 million in a  Pre-Series A investment round led by global venture capital firm  MassMutual Ventures (MMV). The round also saw participation from investors like DSP Investment Managers, Anchorage Capital Partners, and Kunal Shah (founder, CRED). 

Started in 2020 by founders Eela Dubey and Arindam Sengupta, the company offers a full-stack solution dedicated to helping Indian parents to plan, save and invest in their children's future education. Since its inception, the app-based solution has partnered with asset management companies (AMC) including Tata, DSP, UTI, ICICI, Aditya Birla and HDFC to offer investment products, and notable lenders such as ICICI Bank, HDFC Credila, IDFC, etc. to offer education loans. It also provides education counselling services to help prospective students understand their best-fit university. 
 
Talking about the fundraising round, Co-Founders Dubey and Sengupta, said, “Our goal at EduFund has always been to help parents start saving early and to provide solutions that will financially enable the aspirations they have for their children. Today, the entire education planning journey in India is very siloed. If a parent wants to save, they may visit a financial planner. If their child needs an education loan, they may approach a bank. We wanted to reduce these pain points and bring the entire journey onto one platform so that parents can have a more seamless and centralized experience. With this new funding, we plan to accelerate our growth, create new solutions, and invest in technology.” 
 
Addressing their decision to invest, Kalpan Parekh, the Managing Director and CEO of DSP Mutual Fund, added, “Returns are a function of time (compounding). The luxury of time is available only to those investors who start early. Parents with young children have the advantage of having time on their side.”  

  • Related Articles

    With UCare’s payments platform, Thriwe enters the prepaid card space to offer comprehensive benefits programs to businesses

    Consumer Benefits Marketplace Thriwe Acquires Health-Fintech UCare Health

    The company has claimed in a statement that the new e-scooter is compliant with the government’s FAME2 (Faster Adoption and Manufacturing of Electric Vehicles) policy

    EV Start-Up e-Sprinto Is Set to Launch High-Speed Electric Scooter Amery

    Ola did not provide the details regarding the amount it planned to reimburse

    Ola Electric Says Will Refund Charger Cost To Its Electric Scooter Buyers