Eduvanz, a non-banking financial company focusing on education, raised 25.52 crore rupee (US$2.9 million) in a bridge funding round.

The round was co-led by existing investors Juvo Ventures and Capria Fund, with additional investments from Peak XV Partners and Unitus Ventures.

Regulatory filings show that Eduvanz issued 26,405 compulsorily convertible preference shares (CCPS) at 9,667 rupee (US$110.12) each during an extraordinary general meeting on Feb. 1.

Eduvanz plans to use the funds for working capital, product development, and marketing.

Founded in 2016 by Varun Chopra and Raheel Shah, Eduvanz provides online education loans for students and professionals.

To date, Eduvanz has raised nearly US$49 million in debt and equity funding, including a US$12.6 million extended series B round in December 2022.

It competes with other firms in the sector, such as Varthana Finance, Avanse Financial Services, Propelld, and Leap Finance.