California – April 27th, 2022 – Financepeer, one of India’s leading edufintech startups, has raised $31Mn funding million in a Series B funding round led by VC QED Investors in the United States and Aavishkaar Capital based in Mumbai. With the vision of making quality education accessible to all, this fund will help Financepeer expand its product offerings, increase its customer base and increase its presence across India. The company had previously raised a round of $ 3 million led by a Jaipur-based NBFC, MS Fincap.
With this round of funding, Financepeer will continue to offer students flexible financing options with minimal paperwork and zero collateral. The company also plans to expand its presence across India through partnerships with educational institutions and corporates.
“Financepeer is a complete ecosystem that supports students’ educational journey with financial assistance”, stated Rohit Gajbhiye, the CEO at startup Financepeer “We have an innovative model that enables an entire generation of Indians to fulfill their aspirations while achieving the highest academic standards. And we plan to use the funds raised to strengthen existing operations and expand our reach across more locations in India.”
Sandeep Patil, Partner & Head of Asia, a fintech-focused venture capital firm QED, said: “We are thrilled to back Rohit, Naveesh, Debi, Sunit and the team. FinancePeer’s quest to leverage financial technology to deliver on important socio-economic and development objectives is more important today than ever. We were thrilled by the audacity of their vision, the energy, commitment and depth of the team, and the traction they are poised to drive in the marketplace. We can’t wait to see what they will achieve next.”
Aavishkaar Capital started in 2001 with a vision to invest in socially and environmentally conscious start-upsthat can catalyse development for excluded communities and remote geographies across the globe. Sushma Kaushik, Partner, Aavishkaar Capital, said, “By investing in Financepeer, we are realizing our dream of building a financial ecosystem that would nurture people’s educational aspirations through technology across the emerging low- and middle-income population. Through our first investment from the new fund, we are excited to partner with Financepeer as they are servicing a large unmet need in the aspiring Indian edtech segment, creating a significant impact in Tier-2 and beyond cities. Also, we have realized that support via finance significantly improves access to education, especially for girl students wanting higher education. This has been validated by the large base of girl students in Financepeer’s network.”
Phil Bronner, Managing Partner & Co-Founder, Ardent Venture Partners, said, “It is our experience that right capital and support in the early stage can result in significant value creation. Financepeer is growing quickly and is poised to be a leader in its market. This is our first investment in India, and we are excited about the partnership.”
Financepeer is one of the fastest-growing edufintech firms in India that offers students affordable fee financing solutions, Edu-tech content, and fee payment solutions. The company has partnered with more than 10,000 educational institutions with a Pan-India footprint, to deliver through its services for students’ educational needs. The company has grown 10x since its inception in 2017. It also has an embedded technology-driven credit underwriting model that enables it to process applications quickly and provide loan approvals within minutes.
About Financepeer
Founded in 2017 by Rohit Gajbhiye, and co-founded by Debi Prasad Baral, Sunit Gajbhiye, and Naveesh Reddy. Financepeer is a finance company that is Google Incubated and operates to finance school fees for children. With its help, students can pay annual school fees in one shot upfront to the school. Parents can then return the loan amount to them in 9/12 easy installments. The best part about this service is that subscribers will also get the additional rewards of online courses, student card and gadget funding on paying fees via Financepeer.
Media Contact
Company Name: Financepeer
Contact Person: Taniya Kurve
Email: Send Email
Country: India
Website: https://www.financepeer.com/
