Mumbai, India, November 19, 2020: Eduvanz, India’s top fintech Non-banking Finance Company (NBFC) enables students to Study Now, Pay Later at 0% interest rates. Backed by Sequoia and Unitus Ventures with close to $6Mn cumulative investment, Eduvanz has acquired edtech startup, Klarity, an online one-on-one platform that connects students with professionals in their area of interest to provide video-based mentoring.
Varun Chopra, CEO, and Co-Founder, Eduvanz, said “The acquisition of Klarity has helped Eduvanz reach out to a network of passionate industry mentors and more than 300 education institutes powered by mentoring that enabled them to choose the most suitable path in their education and career. Through its fantastic platform, Klarity has impacted more than 5000 careers via one-on-one mentoring and the team can help Eduvanz users not only finance their courses but also get help in choosing the right course.”
The online one-on-one mentorship of Klarity runs across a span of two years, and primarily works with post-graduate students. While most of the post-graduate programs ask the students to decide on their specializations in the second year, the students get confused about their prospects and job-roles that will be on offer. The mentoring program involves analytics-driven assessment, specialization-wise market realities workshops that cover job-roles followed by one-on-one mentorship meetings with industry professionals.
Manmeet Singh Akali, CEO and Founder Klarity, said “Joining forces with Eduvanz will help us amplify our reach, and intensify the impact of our work in the careers of students with whom we are working. We are equipped with a mentor network of more than 200 industry experts from some of the best companies of the world such as the Big Four consulting firms, Amazon, JP Morgan, Uber who graduated from institutes such as the IIMs, Carnegie Melon, Georgia Tech and so on. Our biggest strength is the motivation of these mentors to spare a few hours on weekends just to see the impact that their knowledge and experience can have on somebody else’s career.”
Eduvanz is a technology-enabled NBFC that aims at changing the way the nation pays for education by enabling learners to apply for low-cost loans via its digital platform. The users are facilitated to pay back the loans at no interest in small pocket-friendly monthly installments instead of upfront annual fees.
Eduvanz assesses applicants using a proprietary AI-based algorithm at the back-end. They’re currently present in more than 250 cities in India and have disbursed over INR 200 crore.