Ahmedabad-based edu fintech platform EduFund has raised pre-Series A funding of $3.5 million (around Rs 28 crore) led by MassMutual Ventures, the venture capital arm of US-based insurance firm Massachusetts Mutual Life Insurance Company.
The company also tapped DSP Investment Managers, Anchorage Capital Partners and fintech unicorn Cred’s founder Kunal Shah for the fresh round.
“With this infusion, we are looking to onboard more customers. We have grown 12x in the last fiscal year and look to chase 10x growth on a larger base. Our loan business has also grown 15x in the last fiscal,” EduFund’s co-founder Eela Dubey told.
The platform will also deploy the proceeds for product expansion and developing its technology stack.
Founded by Dubey and Arindam Sengupta in 2020, EduFund offers a full stack solution to help parents to save for their ward’s education across different asset classes to meet these rising education costs over time. It also helps parents with financing needs by providing education loans and scholarships.
In January last year, EduFund, raised $1 million in a seed funding round led by Anchorage Capital Partners, along with ViewTrade Holding Corp and other angel investors.
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