Edgro, a subsidiary of Propelld, has successfully secured USD 25 million in debt financing, as announced on Monday.
The funding round saw participation from nine lenders , including Credit Saison India Private Limited, AU Small Finance Bank, InCred Financial Services Limited, and Northern Arc Capital Limited, among others.
Founded in 2023, Edgro, is a licensed NBFC that operates as a wholly-owned subsidiary of Propelld, a FinTech engaged in the education lending sector.
The education lending market presents substantial growth opportunities, particularly in tier 2 and tier 3 cities, where students often encounter challenges in securing financing from traditional sources. Many are compelled to resort to high-interest loans from private lenders or resort to pledging assets, exacerbating their financial burdens.
Nikunj Agarwal, Head of Debt & Lending Alliance, Propelld, stated, “We are leveraging these funds to ensure that more and more students can access flexible loan options.”