Education loan provider Eduvanz raises Rs.100-Cr in Series B from Sequoia, others

Mumbai-based Eduvanz, which provides loans to students for skill development, has raised INR 100 crore (about USD 13.5 million) in its Series B round. The firm has reportedly raised the new capital at a post-money valuation of INR 530 crore (USD 70 million). Eduvanz has approved the allotment of 92,166 Series B preference shares at an issue price of INR 10,847.09 per share to raise INR 100 crore. Sequoia Capital India and Juvo Ventures have collectively invested a little over INR 50 crore (USD 7 million) while 15 other investors have put in the remaining. Sequoia has now acquired a 34.83% stake in Eduvanz followed by Unitus Seed Fund which now controls 16.29% stake in the company. Promoters equity has been diluted to 12.21% whereas new investor Juno has acquired 5.07% holding in the company.