Peak XV-backed Eduvanz raises bridge funding round
Summary
Capria and Juvo Ventures contributed nearly Rs 9 crore each while Peak XV and Unitus Ventures invested around Rs 4 crore each, Entrackr reported, citing Eduvanzs filings with the Registrar of Companies.According to the filings, the company will use the proceeds for working capital, product development, and marketing initiatives.In 2022, the company had raised nearly Rs 105 crore (around $13 million) in an extended Series B round, led by Rethink Education Ventures. Juvo Ventures, Peak XV, and Unitus had also participated in the round. These funds were raised at a pre-money valuation of around $90 million, or about Rs 788 crore, data from VCCEdge showed.The latest funding comes after the company posted a net loss of over Rs 40 crore for the financial year ended March 2024 and its assets under management shrank to Rs 430 crore from Rs 569 crore a year ago. VCCircle previously reported that the companys loan book contracted as it needed to adapt to the Reserve Bank of Indias digital lending guidelines and default loss guarantee regulations, which were implemented in June 2023.Founded by Varun Chopra, Raheel Shah and Parth Upadhyay in 2016, the non-bank lender provides unsecured loans to students and working professionals. The company operates a business-to-business customer model, wherein it partners with educational institutes to provide loans through an online process.