GyanDhan a Delhi based education financing marketplace has raised an undisclosed amount as seed funding from Harvard Angels, Stanford Angels & Entrepreneurs. Parvin Gandhi, partner at Seed Fund Advisors also invested in his personal capacity.
The raised funds will be used to build the tech platform which will provide much better experience both to students and banks; also it will develop its data science capabilities.
It was founded by Ankit Mehra an alumni of IIT Kanpur and Jainesh Sinha and alumni of IIT Delhi. It provides loan upto Rs 30 lakhs to students for higher education without any collateral. It has tied up with SBI and Axis Bank to offer loans to customers and charges a certain commission from the lenders.
Jainesh Sinha is also an alumnus of Super 30, a Patna based education programme which is operated under the Ramanujan School of Mathematics. Prior to this Sinha and Mehra were analyst ar American financial services institution Capital One.
Ankit Mehra co-founder of GyanDhan said
“GyanDhan will introduce loans for coaching and skill development in the next six months. We work with banks at the corporate level. We also help students in career counselling and find jobs.”
GyanDhan claims to have processed around 2,500 applications till now and has helped students to avail loans worth Rs 10 crore with its partner financial institutions. By the end of 2016 it expects to process transactions worth Rs 30 crore.
Jainesh Sinha co-founder of GyanDhan said that
“banks have been reluctant to offer education loans due to high bad loans and that this is widening the gap between those who can and cannot afford higher education. We seek to expand and equalize access to higher education through our proprietary models that help banks assess the employability of students and make better decisions.”