Education loans provider Eduvanz raises Rs.26-Cr led by Juvo, Capria Ventures

Mumbai-based education loans focussed non-banking financial company (NBFC) Eduvanz has raised INR 25.52 crore (USD 2.9 million) in a bridge funding round co-led by existing investors Juvo Ventures (INR 8.57 crore), Capria Ventures, via Capria Fund (INR 8.66 crore), with participation from Peak XV Partners (INR 4.28 crore) and Unitus Ventures (INR 4 crore). The company is to issue 26,405 compulsorily convertible preference shares (CCPS) at INR 9,667 each to raise the sum.The firm will use the proceeds for working capital requirements and to shore up product development and marketing initiatives.Founded in 2016 by Varun Chopra and Raheel Shah, and later joined by Parth Upadhyay, Eduvanz offers online education loans to students and working professionals looking to upskill. It partners with educational institutes to offer financing solutions to students.