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Exclusive: Propelld to raise $30 Mn from WestBridge and Stellaris

EntrackrEntrackr · 2m ago
Exclusive: Propelld to raise $30 Mn from WestBridge and Stellaris
Medial

Exclusive: Propelld to raise $30 Mn from WestBridge and Stellaris Propelld, an education-focused lending platform, is set to secure Rs 260 crore (around $30.5 million) in its Series D round led by WestBridge Capital with the participation of Stellaris Venture Partners. Propelld’s board passed a special resolution to allot 20,732 Series D compulsory convertible preference shares (CCPS) at an issue price of Rs 1,25,408 each to raise the aforementioned sum, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Westbridge Capital will invest Rs 240 crore ($28 million) via Setu AIF Trust, Konark Trust, and MMPL Trust while Stellaris Venture Partners will contribute Rs 20 crore. The investment will be utilized to meet the company’s working capital needs and capital expenditure for business expansion, the filing added. According to Entrackr’s estimates, the company is valued at around Rs 860 crore or $101 million post-allotment. Founded in 2019 by Bibhu Prasad Das, Victor Senapaty, and Brijesh Samantaray, Propelld provides education loan financing through 'Study Now, Pay Later' products and Income Sharing Agreements (ISA) via its NBFC arm. The company also offers collateral-free education financing options. Following the latest fundraise, WestBridge will hold a 46.9% stake in the company while Stellaris Venture Partners will hold a 15.69% stake. Propelld competes with other education loans-focused fintech startups like Leap Finance and Grayquest.

Exclusive: Education finance firm Auxilo raises $12 Mn more in debt

EntrackrEntrackr · 11m ago
Exclusive: Education finance firm Auxilo raises $12 Mn more in debt
Medial

Education-focused non-banking financial corporation (NBFC) Auxilo has secured Rs 100 crore (approximately $12 million) in a debt financing round. The board at Auxilo has issued non-convertible debentures (NCDs) at an issue price of Rs 1,00,000 each to raise Rs 100 crore ($12 million), its regulatory filing accessed from the Registrar of Companies (RoC) shows. Dezerv Securities pumped in Rs 26.39 crore while MAS Financial Services and CredAvenue Securities (Yubi) participated with Rs 25 crore each. The balance amount will be released by the investors soon. The NCDs issued to MAS Financial and CredAvenue (Yubi) have a tenure of 36 months with an interest rate of 9.65%, while the debentures issued to Dezerv have a tenure of 29 months with an annual coupon rate of 9.90%. The development coincides with Auxilo’s $33.6 million round led by private equity firm LeapFrog Investments. As per Auxilo, LeapFrog invested $30 million while Trifecta Leaders Fund-I and Xponentia Opportunities Fund-II pumped in the remaining capital. The current debt funding appears to be separate from the recent announcement. Auxilo has raised around $145 million across equity and debt since its inception including a $57 million funding round led by Tata Capital Growth in July last year. Established in 2017, Auxilo offers student loans for pursuing education within India or abroad. It also extends loans to educational institutions for infrastructure and working capital requirements. Since its inception, Auxilo claims to have provided education loans to over 12,000 students, across more than 1,100 universities and education institutes in over 30 countries. In the next 5 years, it aims to disburse Rs 25,000 crore worth loan to more than 150,000 students in India and overseas. The New Delhi-based company demonstrated strong financial performance, achieving over 2X year-on-year growth to reach Rs 174 crore in FY23. Moreover, its profits doubled to Rs 26 crore in FY23. The company is yet to file its annual results for FY24.

Education-focused NBFC Auxilo secures $6 Mn debt

EntrackrEntrackr · 1y ago
Education-focused NBFC Auxilo secures $6 Mn debt
Medial

Education-focused NBFC Auxilo has raised Rs 50 crore (approximately $6 million) in non-convertible debt from AK Capital Finance. This marks the first fundraise of the Mumbai-based company in 2023. The board at Auxilo has approved the allotment of 5,000 non-convertible debentures (NCDs) at an issue price of Rs 1,00,000 each for a consideration of Rs 50 crore, the company’s regulatory filings with the Registrar of Companies show. The offer also includes an option for an additional subscription (green shoe option) of Rs 25 crore which will take the total to Rs 75 crore. Established in 2017, Auxilo offers student loans for pursuing education within India or abroad. It also extends loans to educational institutions for infrastructure and working capital requirements. Auxilo has raised over $100 million across equity and debt since its inception and it competes with well-funded firms such as Grayquest, Avanse Financial, Financepeer, Propelld, Leap Finance, and Eduvanz. In July last year, Auxilo scooped Rs 470 crore in a funding round led by Tata Capital. As per the startup intelligence platform TheKredible, the company raised that capital at a post-money valuation of around $250 million. Post-allotment of the round, Tata Capital owns 10.58% shares in the company while ICICI Bank has a 9.34% stake. For a complete shareholding pattern, visit here. Auxilo’s revenue from operations grew 2X to Rs 178 crore in FY23 from Rs 87 crore in FY22 (the revenue includes net gain on fair value worth Rs 4.4 crore in FY23 and Rs 1.4 crore in FY22). It primarily makes money through processing fees, interest received on loan disbursements and commissions. As per TheKredible, the company’s profits also surged two-fold to Rs 25.7 crore during the year from Rs 12.4 crore in FY22. As of July 2023, Auxilo claims to have funded over 7,500 students across over 900 universities in over 25 countries. During FY22, the company’s loan book (asset under management) stood at Rs 769 crore comprising education loans of Rs 605.70 crore (78.73%) and institute loans worth Rs 163.60 crore (21.27%). While the company did not provide the breakup for FY23, its loan book stood at Rs 1,691 crore in the previous fiscal year.

Optimo Loan raises $10 Mn seed in round

EntrackrEntrackr · 1y ago
Optimo Loan raises $10 Mn seed in round
Medial

MSME-focused lending-tech startup Optimo Loan has raised $10 million in its seed round led by Blume and Omnivore, with additional contribution from Optimo’s founder, Prashant Pitti. The proceeds will be used to expand its operations, enhance its technology, recruit new talent, and broaden its presence to 20 locations in rural India by the end of this year, the startup said in a press release. Founded by Pitti, Optimo facilitates access to quick, easy, and flexible financing options for MSMEs. It supports businesses in investing in new technologies, increasing liquidity, and ensuring business continuity. The startup actively contributes to local job creation, economic growth, and community development. The startup is also building a co-lending platform for MSMEs with a unique underwriting method. This approach allows Optimo to gain deeper insights into the financial health of MSMEs, enabling informed lending decisions and catalyzing entrepreneurship and economic growth in rural communities. That said, early-stage India-focused venture fund Blume Ventures invests in seed and pre-Series A rounds in tech-led startups. It is presently investing via its Fund IV, a $300 million vehicle supported by institutional LPs and family offices. Following the close of Fund IV, Blume now has an AUM (Assets Under Management) of over $600 million.

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