The fund will be utilised to enhance the technology, expand and strengthen the education-institution participation and deepen its reach in rural areas
“Our mission is to bring revolution in the educational space through neo banking and at the same time create an impact at the bottom of the pyramid, via increasing access to quality education,” said Rohit Gajbhiye, CEO, Financepeer.
Education financing is one of the fastest-growing segments as it is a deeply underserved sector that enables the aspirations of learners across India. “By investing in Financepeer, we are realising our dream of building a financial ecosystem that would nurture people’s educational aspirations through technology across the emerging low-and-middle-income population,” said Sushma Kaushik, partner, Aavishkaar Capital.
Founded in 2017 by Rohit Gajbhiye, Sunit Gajbhiye, Naveesh Reddy and Debi Prasad Baral, Financepeer is an edu-fintech startup that caters both online and offline education providers including pre-schools, colleges, universities, ed-tech and skilling. It has witnessed a ten times growth in the last year and partnered with more than 10,000 educational institutions, the startup claimed in a statement.
There are over 362 million students in India, who spend more than $216 billion annually on education. In 2019-20, India allocated INR 6.43 lakh crore of public funds for education, as per the economic survey.