PremiumListen to this article |
NEW DELHI: EduFund, an education planning company, on Tuesday said it has raised $1 million in seed round. Led by Anchorage Capital Partners, along with additional investments from ViewTrade Holding Corp. and other angel investors, the funds will be used to augment the product offerings and expand market presence, according to a press release.
Founded in June 2020, EduFund provides a holistic planning tools for higher education and reduce the financial burden.
"…At EduFund, we believe that planning early and making the right investments outside of the traditional FDs and LICs is important especially given the high price of premier institutes and inflation over the years," said Eela Dubey, co-founder of EduFund. “Loans are a solution; however, speaking from personal experience, students find it hard to get them because of no co-signer/collateral. Therefore, having some savings against the loan is also potentially beneficial for the future."
The platform acts as a one-stop shop by providing users a unique college calculator that helps understand the true price (considering factors such as inflation, currency, and accommodation expense) of any educational organisation across countries. It also allows users to invest in mutual funds in India and the United States, which helps create discipline in savings. The app also helps reduce the complexity of studying abroad by offering counselling services for the college admissions process. In addition, it helps with loans and provides guidance on immigration, as per the press release.
"There are millions of people in India who want to save money to send their child abroad, but they don't know-how. EduFund helps them do just that by advising parents how much to save and offering services, such as loans, different investment opportunities, counseling services, etc," said Arjun Sheth, Partner at Anchorage Capital Partners.
"Having witnessed the progress made over the past year, we at ViewTrade Holding are proud to again invest in EduFund. Both Eela and Arindam, continue to demonstrate a passion and tenacity for the work being done, we believe they are in the right place at the right time, and we are excited to be part of their journey," said James St. Clair, Co-Founder & President at ViewTrade.
The company has entered into multiple counsellor partnerships, including tie-ups with OnCourse Global, Zsoldos Coaching, Reva Education Consultant, and Overseas Education Consultancy. EduFund is also a Registered Investment Advisor regulated by SEBI. It ensures 100% privacy and confidentiality to keep users' personal information safe. The company has also partnered with a prominent US broker-dealer to offer investments in US dollar-related products.
EduFund targets parents across all income groups concerned about their child's education dreams. The company believes that while every parent has a lot of ambition for their child's education, many cannot afford it due to a lack of guidance and planning. Therefore, EduFund aims to help parents plan their child's education early, without compromise.
