The fundraise also saw participation from investors DSP Investment Managers, Anchorage Capital Partners, and Kunal Shah.
In a statement, co-founders Eela Dubey and Arindam Sengupta said: “Our goal at EduFund has always been to help parents start saving early and to provide solutions that will financially enable the aspirations they have for their children…With this new funding, we plan to accelerate our growth, create new solutions, and invest in technology.”
EduFund, which was started in 2020, says it offers a full-stack solution dedicated to helping Indian parents plan, save and invest for their children’s future education. With education inflation hovering between 8-10% domestically, and over 4% in countries with high enrolment of Indian students, the company claims that it empowers parents to plan ahead and save across different asset classes to meet these rising costs over time. It also helps parents bridge financing needs by providing education loans and scholarships. EduFund has 70,000 successfully engaged parents on its platform.
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“The founders’ asset management expertise and deep understanding of the market, coupled with the significance of education in Indian culture, makes the company a compelling investment opportunity. We are excited to partner with EduFund in their mission to make higher education accessible to all,” said Anvesh Ramineni, Managing Partner at MMV.
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“Returns are a function of time (compounding). The luxury of time is available only to those investors who start early,” said Kalpen Parekh, Managing Director and CEO of DSP Mutual Fund. He added that “this investment in EduFund is our way of encouraging two important objectives: real compounding and creating a corpus for our children’s education.”
