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Business Standard

EduFund secures $6 million in Series A round to expand beyond metro cities

Education-focused investing platform EduFund on Monday announced it has raised $6 million in a Series A round led by Cercano Management and MassMutual Ventures. In total, the company has so far raised $12 million. With the new investment, EduFund plans to expand beyond metropolitan areas to deepen its reach in Tier-I and Tier-II cities, launch AI-powered tools to personalise education planning, and broaden loan offerings with a focus on the underserved undergraduate segment. Founded by Eela Dubey and Arindam Sengupta in 2020, the platform offers a comprehensive roadmap for funding education, including goal-based investment portfolios, affordable education loans, visa and forex support, and on-demand expert counselling. The company has onboarded more than 250,000 families on its platform and built a partner network of over 40 asset-management firms and more than 15 lending institutions (public- and private-sector banks, non-banking financial companies, and international lenders). "Education is a consumer staple in India, and parents already spend about 30 per cent of their earnings on it. With costs rising at home and abroad, the middle-class Indian parent faces a major challenge. Backed by a community of 250,000 families, we are more committed than ever to solving this problem, and this Series A fundraise is a testament to that commitment," said Eela Dubey, co-founder and chief executive officer of EduFund. Commenting on the development, Danika Ariadna, vice president of Cercano Management, said, "We are excited to join EduFund in its journey to become the end-to-end education-financing and preparation partner for Indian families. Higher education is getting costlier and less accessible worldwide, so parents need a platform that helps them start planning early."