Private Equity

PE Fund Investments

Education-focused credit provider Propelld raises $35-M from WestBridge Capital, Others

Inc42  

Bengaluru-based fintech startup Propelld has raised USD 35 million in Series B funding led by WestBridge Capital along with existing investors Stellaris Venture Partners and India Quotient. Founded in 2017 by IIT Madras trio Bibhu Prasad Das, Victor Senapaty and Brijesh Samantaray, Propelld claims to have tie-ups with more than 550 educational institutes, clocking an annual loan disbursal run rate of INR 600 crore. Propelld plans to use the funds to grow the loan book in a segment with low credit penetration, and offer new products for various verticals within education. It employs 150 people strong and plans to add another 100-150 employees over the next year across technology, business development and collections. In 2019, the fintech startup bagged USD 2 million from Stellaris Venture Partners and India Quotient. Stellaris Venture Partners had put USD 928,000 to acquire 4.8K shares while India Quotient made an investment of USD 638,000 to buy 3.3K shares.