Credenc Raises $2.5 Mn in Funding led by Omidyar Network India
Credenc, an education loan platform raises $2.5 million (Rs 17.8 crore) in a seed funding round, led by Omidyar Network India.
The funding round also saw participation from EMVC, Better Capital and IIMK Alumni Fund, a statement said.
The start-up intends to build up a loan book of USD 500 million (over Rs 3,500 crore) over the next five years, it added.
“The capital raised shall be used to expand operations to a 1,000 colleges across 50 cities over the next two years. Credenc also plans to hire across technology, credit and banking partnerships,” it said.
The New Delhi-based company was founded by Avinash Kumar and Mayank Batheja in 2017. The start-up has approved loans worth over Rs 100 crore (USD 15 million).
Currently, only 5 per cent of the about USD 50 billion annual sp...