Edtech startup Eduvanz, which provides loans for skill development to students, has scored $5 million in a Series A funding round led by Sequoia Capital India.
Sequoia Capital led the round with an investment of Rs 28.31 crore while Unitus Ventures infused Rs 6.07 crore. Kunal Shah (through QED Innovation Labs) has also put in Rs 70 lakh in this round.
Eduvanz has allotted 117,294 Series A CCPS in two different tranches at an issue price of Rs 2,991.31 per share to raise a total consideration of Rs 35.1 crore~ $4.68 million, shows regulatory filings.
As per Fintrackr’s calculation, Eduvanz has been valued at around Rs 115 crore~$15.3 million after the latest allotment of shares. Last year, it had raised $2 million in pre-Series A round and scooped up $500,000 in seed funding led by Blinc Advisors in February 2018.
Post allotment, Sequoia will be the biggest shareholder in the company controlling 38.01% stake whereas Unitus and QED Innovation Labs will hold 18.22% and a 0.62% stake respectively.
The collective stake of its promoters has been diluted from 19.07% to 15.18% after the transaction. ESOP/Stock options earmarked for advising consultants constitute about 24.33% stake in Eduvanz.
The four-year-old startup works with training partners, corporates and certification providers spanning more than 16 industry sectors to increase their enrolments by providing innovative financial solutions to students and skill-seekers.
The financing company uses proprietary artificial intelligence (AI) based algorithms and predictive analytics to collate financial and socio-economic data from conventional and non-conventional sources to make lending easier for skill development.
So far, Eduvanz claims to have helped skill-seekers across more than 240 cities and partnered with more than 300 institutes in the country.