Zenda, a fintech app for school fees, has raised US $9.4 million in a seed round with STV, COTU, Global Founders Capital, and VentureSouq as investors on 25th April 2022.
Zenda is now addressing school fee payment difficulties, specifically the lack of convenience and flexibility in payment alternatives for parents and inadequate payment collection for schools. The funding would be utilized to develop new products and expand the Indian market.
What the founder has to say:
CEO and founder of Zenda, Raman Thiagarajan:
“In India, we’ve developed a pipeline of over 1,000 institutions in the last few months, and we appreciate their trust. It’s encouraging to see how parents have responded to our service and how enthusiastically they’ve embraced it. The number of students enrolled in Zenda schools is steadily increasing.”
What the investors have to say:
Ihsan Jawad, General Partner at STV:
“Raman, Haseeb, and the team have found an urgent need in the market and providing support to families on an important topic. We couldn’t be more excited about Zenda after seeing their excellent traction over the last few months. India’s private school fees market and the Gulf Cooperation Council (GCC) are worth more than US $100 billion. They’ve put up a fantastic team, and we’re excited to work with them to assist Zenda in realizing its goals.”
About Zenda:
Raman Thiagarajan and Haseeb Ahmed, both alumni of McKinsey & Company, formed Zenda in June 2021. Raman oversaw the firm’s Financial Services Practice in the MENA area. Zenda is the creators’ second startup, and it builds on their previous ed-tech venture’s profound insights and skills.
Zenda began operations in India in Q3 2021, following its first debut in the United Arab Emirates. The company has shown excellent market traction with schools and families. Since June 2021, it has doubled its user base and exceeded the US $100 million mark in yearly contracted TPV volume in both markets by Q4 2021.
The team has multiplied, with more than 40 members and two-thirds based in India. It now operates out of Bengaluru, Kochi, Delhi, and Dubai. Zenda’s success is also due to the team’s previous venture’s skills and extensive insights into how educational institutions operate.
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