EduFund, an India-based education-focused FinTech firm, has reportedly completed a $3.5m pre-series A funding round.
The company, started in 2020 by founders Eela Dubey and Arindam Sengupta, aims to help Indian parents plan, save, and invest for their children’s future education.
The investment was led by global venture capital firm MassMutual Ventures (MMV). The round also included participation from other prominent investors such as DSP Investment Managers, Anchorage Capital Partners, and Kunal Shah. EduFund has successfully engaged over 70,000 parents on its platform since its inception.
EduFund offers a full stack solution dedicated to assisting parents with planning, saving, and investing across different asset classes to meet the rising costs of education over time. The app-based platform also provides education loans and scholarships, bridging the financing needs of parents. EduFund has partnered with leading asset management companies and lenders to offer investment products and education loans.
With the new funding, EduFund intends to accelerate its growth, create new solutions, and invest in technology to improve its services. Co-founders Dubey and Sengupta said, “Our goal at EduFund has always been to help parents start saving early and to provide solutions that will financially enable the aspirations they have for their children.”
Anvesh Ramineni, Managing Partner at MMV, praised EduFund’s innovative approach and the founders’ expertise in the market. He said, “We are excited to partner with EduFund in their mission to make higher education accessible to all.”
EduFund has over 200,000 downloads and has helped more than 70,000 parents plan for their children’s education. It is the first full stack planning product in India that offers unique opportunities for parents to save for the future, take education loans, and avail scholarships.
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