Education-focussed fintech firm Propelld on Friday announced raising USD 35 million (about Rs 262 crore) from WestBridge Capital and others. Existing investors Stellaris Venture Partners and India Quotient also participated in the Series-B funding round.

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Founded in 2017 by IIT Madras trio of Bibhu Prasad Das, Victor Senapaty and Brijesh Samantaray, Propelld has tie-ups with over 550 educational institutes and is currently clocking an annual loan disbursal run rate of Rs 600 crore. "With the latest capital infusion we will strive towards building better financial products for the educational ecosystem which will further benefit our partners," Propelld co-founder and CEO Bibhu Prasad Das said.

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With the current funding round, Propelld plans to grow the loan book rapidly in a segment with low credit penetration, and offer new products for various verticals within education, the company said in a statement. Currently employing around 150 people, Propelld plans to add another 100-150 employees over the next year across technology, business development and collections.

"India spends over USD 90 billion annually in education, however, the financial penetration is still very low. We believe Propelld will become the go-to financial player in the education domain. Propelld is already profitable and has consistently maintained excellent credit quality," WestBridge Capital Partner Deepak Ramineedi said.

First Published:Feb 18, 2022 6:55 PM IST