Classplus and Pravega Ventures have contributed Rs 50 crore, or approximately $5.8 million, to GyanDhan, an education loan marketplace.
GyanDhan will use this funding to increase its footprint in more than 50 tier II and III cities, increase the number of its financial partners from 15 to 30, and grow its network of consultants and in-house SaaS platform.
Along with investing in community development through workshops and financial literacy sessions, the company also intends to expand its tech, credit, and sales teams.
GyanDhan, which was founded by Ankit Mehra and Jainesh Sinha, uses a hybrid business model that combines an NBFC lending division with a tech-powered marketplace.
With the goal of tripling this amount to Rs 18,000 crore in the next three years, the company says it has facilitated over Rs 7,000 crore in loan originations.
In recent years, GyanDhan has experienced tremendous expansion. The business reported operating revenue of Rs 21.4 crore and a profit of Rs 1.36 crore for FY24.
