Others participating in the round include Atlanta US, and Avishkar Capital
Fresh investment comes almost two years after the startup raised $3 Mn in its pre-Series A round
Financepeer claims to have helped over 2.2 Mn students since its inception, and has operations in 60 cities.
Mumbai-based edtech startup Financepeer is raising around $35 Mn in a Series B round of funding. The fresh round will be led by new investor QED Investors, in participation with Atlanta US and Avishkar Capital.
“The startup is in talks to raise somewhere between $30 Mn to $35 Mn in its Series B round from new and existing investors,” sources aware of the matter told Inc42.
Financepeer had last announced raising $3 Mn in its pre-Series A round in 2020. Back then, the startup raised funding from Jaipur-based NBFC MS Fincap, UAE-based conglomerate Danube, Aar Em Ventures, Angelbay Holdings, JITO Angel Network, and HEM Angels.
Founded in 2017 by IIT, IIM alumni Rohit Gajbhiye, Sunit Gajbhiye, Naveesh Reddy, and Debi Prasad Baral, Financepeer offers education loans at 0% interest rate. The startup also offers EMI options for students to pay fees with a 10% discount. It also covers the entire education fee in case of any unfortunate incident in life.
The startup, incubated by Google, claims to have helped over 2.2 Mn students since its inception and has operations across 60 cities. It claims to be working with over 6,000 educational institutes.
Financepeer also helps students with a discounted price for Apple products.
Apart from this, the startup offers digital content for students, covering language, mathematics, science, coding, acting, music, among others. Financepeer also offers a debit card UVA in partnership with VISA to enable hassle free payments for students. The Mumbai-based startup also helps educational institutes to transform into digital classrooms.
Financepeer competes with the recently-funded startup Leverage Edu, Leap Finance, Eduvanz, MPower Financing, among others.
India’s edtech and fintech spaces have grown at a tremendous rate in the past two-three years. The COVID-19 pandemic further acted as a tailwind for both the sectors, making investors more bullish.
Out of the five edtech unicorns in India, four were produced during the pandemic. As per an Inc42 Plus report, India’s edtech market opportunity is poised to grow to $10.4 Bn in 2025, at a CAGR of 39%.
