Education lending Fintech startup, Propelld procured a non-banking financial company (NBFC) license from the Reserve Bank of India (RBI). With this, the company aims to disburse loans worth 2000 Cr by FY24 and looks to bolster its direct lending proposition.
Up until now, Propelld has provided lending solutions by partnering with NBFCs. With the newly obtained license, the company will also have the ability to lend directly along with functioning as a loan service provider (LSP). Through its collaboration with over 2000 educational institutes, Propelld has already assisted more than 200,000 customers in achieving their educational aspirations. The acquisition of the NBFC license has the potential to enhance Propelld's customer delight, particularly in tier two and tier three cities, by providing improved services such as tailored loan products, flexible repayment options and competitive interest rates to more diverse borrower profiles.
"This milestone will enable us to accelerate our growth trajectory, expand our reach, build on our liability side and develop more customized financing products catering to the needs of the students" said Bibhu Prasad Das, Founder and CEO, Propelld.
"The license would not have been possible without the continuous guidance and advisory of Sachin and Jubin from Trove capital advisory," he added.
"Obtaining the NBFC license is a significant milestone for Propelld, and it underscores their commitment to revolutionizing the education financing landscape. NBFC license substantially strengthens their liabilities franchise and ability to offer longer-term products. We are really glad to be a part of Propelld's journey, and we believe that this license will further empower students to pursue their dreams without financial constraints," Deepak Ramineedi, Partner at WestBridge Capital. |
