Financepeer, an Indian edu-fintech business, raised US $31 million in a Series B on 20th April 2022. The fundraising round was headed by QED Investors and Aavishkaar Capital, both of which are based in Mumbai.
Financepeer wants to use the cash to improve its technological platform and offers, develop and reinforce its education-institution collaborations, and deepen its reach in rural regions, all with the goal of ensuring that more students, particularly girls, have simple access to quality education. Ardent Ventures, DMI Sparkle Fund, DMI, 9Unicorn, LC Nueva AIF, and Maxar VC, all based in the United States, participated in this round.
What the founder has to say:
Rohit Gajbhiye, CEO, Financepeer said:
“On the platform, Financepeer has handled more than US$ 100 million in fees, assisting hundreds of thousands of students in receiving a decent education.” It is critical to join forces with sector-specific and the correct group of leaders, partners, and investors to achieve the company’s vision for the next growth phase. Our objective is to use neo banking to revolutionize the education market while also affecting the bottom of the pyramid by providing access to high-quality education. With the addition of relevant industry heavyweights QED, Aavishkaar, and Ardent Ventures, this mission is strengthened and lightened off.”
What the investors have to say:
Sandeep Patil, Partner and Head, Asia, QED, said
“We are ecstatic to support Rohit, Naveesh, Debi, Sunit, and the rest of the team. More than ever, FinancePeer’s mission to use financial technology to achieve critical socioeconomic and development goals is more crucial than ever. We were blown away by their vision’s chutzpah, the team’s passion, devotion, and depth, and the traction they’re positioned to get in the marketplace. We’re excited to see what they accomplish next.”
About the startup:
Financepeer, founded in 2017 by Gajbhiye, Sunit Gajbhiye, Naveesh Reddy, and Debi Prasad Baral, serves pre-schools, K-12, colleges, universities, offline exam prep, ed-tech, and skilling providers.
The company presently engages with over 3 million students and has around 130,000 transactional clients on its platform.
Over the last few years, average Indian household spending on education and skilling has increased significantly. Education financing is one of the fastest-growing categories because it is a hugely underserved sector that allows students all throughout India to achieve their goals. Despite macro shocks created by the Covid-19 outbreak, the lending book for this segment has been among the best-performing, owing to the naturally social solid collateral.
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