Bengaluru-based Bluebear Technology, that operates education focused fintech startup Propelld, has raised around ₹1.7 crores ($250,000) in seed funding from Indian Angel Network (IAN) and IAN Fund, led by IAN members Ambarish Raghuvanshi, former CEO of Naukri, Alok Sharma former CEO of Apple India, along with Satish Jajodia, former CEO of Education Dynamics.
Propelld was founded by three IIT-Madras alumni, Victor Senapaty, Bibhu Prasad Das, Brijesh Samantaray. It provides an education financing platform for students for various educational and professional courses.
It uses a proprietary employability algorithm to calculate the propensity of the student to repay the loans by considering various data points including schools, academic performance, stream and work experience.
It has partnered with various universities and institutions to help the students in providing a loan as smoothly as possible.
“Measuring employability of students based on their academic history and skills is our core strength. According to the company officials they are looking at leveraging the data to introduce new financing products in the markets such as CV which is based on lending that is without the need of co-guarantors and also expand our scope of services to take ahead in the career path of journey lead generation for Institutes, creating skill community etc.,” said Victor, co-founder at Propelld.
There is no dearth of fintech startups in the lending space but Propelld has carved a niche for itself as it caters to the students in need of a loan to pursue their education goals. Partnering with universities and institutes will help the students get a loan in a seamless way without much hassle.