Fintech firm EduFund has raised USD 6 million (about ₹50 crore) in a funding round led by Cercano Management and MassMutual Ventures.
With this round, the total fund raised by EduFund has reached USD 12 million.
The startup plans to utilise the fund to scale up AI-driven advisory family's education goals, broaden loan offerings with a focus on the underserved undergraduate segment and deepen reach in Tier-2 and Tier-3 towns with structured education finance tools for middle-income families beyond India’s metros, according to the statement.
EduFund provides Indian parents a roadmap to fund education, comprising goal-based investment portfolios, education loans, visa and forex support, and expert counselling.
"Education is a consumer staple in India, and parents already spend about 30% of their earnings on it. With costs rising at home and abroad, the middle-class Indian parent faces a major challenge. Backed by a community of 2,50,000 families, we are more committed than ever to solving this problem, and this Series A fundraise is a testament to that commitment," EduFund co-founder and CEO Eela Dubey said.
