Eduvanz, an education loan-providing platform in India, has raised Rs 104.5 crore ($12.6 million) in a Series B funding round led by Rethink Education Ventures. Apart from Rethink, existing investors like Tiger Global, Sequoia Capital, Juvo Ventures and Unitus Ventures, participated in the round, Entrackr reported. 

The administrative board passed a special resolution to issue 68,373 Series B1 CCPS at a price of Rs 15,283.71 per share to raise the entire amount. 

With an investment of Rs 41.5 crore, Rethink now holds a 5 per cent stake in Eduvanz. Sequoia Capital owns 32.4 per cent and Juvo and Unitus Ventures command 3.5 per cent and 2 per cent respectively. 

The edtech start-up achieved Rs 850 crore ($104 million) as a post-money valuation, 49 per cent higher than its previous funding round.

Since its inception in 2016, the company has bagged more than Rs 30 million in equity and debt funding. 

In the financial year ( FY) 2022, the company registered a 2x increase in its operating revenue to Rs 27.5 crore from Rs 13.6 crore in FY21. The company also saw a sharp rise in net losses to Rs 23.15 crore from Rs 10.44 crore in FY21. 

The funding came at a time when the Indian edtech sector has been witnessing major upheavals. Big players like Byju’s and Vedantu are laying off employees to keep their businesses on profitability track. In October, Byju’s announced its plans to lay off 5 per cent of its 50,000-strong employee bandwidth. Bengaluru-based unicorn recently laid off 350 employees.