Indian edtech startup gets $6m to help close education funding divide

Image credit: GradRight

GradRight, an India-based startup that helps students with selecting their university majors and financing their studies, has raised 500 million rupees (US$6.1 million) in series A funding from IvyCap Ventures. 

The investment will be used to accelerate GradRight’s growth and expand its reach to lower- and middle-income students around the world.

Funding details

• Funding amount: $6,050,000
• Stage: Series A

Founded in 2020 by Aman Singh and Sasidhar Sista, the edtech startup runs an AI-powered platform that brings together prospective students, universities, and lenders. Over the past two years, it has processed over US$1.75 billion in loan requests and assisted over 55,000 Indian students in academic institutions across the US, Canada, and Europe.

“As a tech-first company with a platform-based approach to solving these problems, we are committed to ensuring that every student has the resources they need to obtain the education they deserve,” Singh, who serves as GradRight’s CEO, said in a statement.

In the last couple of years, more students in India are borrowing money for their higher education. Data from the Reserve Bank of India shows that the total amount owed in education loans increased 17% from US$10 billion to US$11.7 billion in the financial year ended March 2023.

“GradRight’s technology-driven solution is well-positioned for profitable scaling; it is adaptable across markets and can emerge as a leader in the sector,” said Vikram Gupta, founder and managing partner of IvyCap Ventures. 

See also: Despite Indian edtech firm’s 100% placement guarantee, students are stuck with debt and uncertainty

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