Propelld Secures Rs 260 Crore in Series D Funding for Education Loans

Propelld, a platform dedicated to education financing, is poised to raise Rs 260 crore (approximately $30.5 million) in its Series D funding round. This initiative is spearheaded by WestBridge Capital, with contributions from Stellaris Venture Partners.

In May of the previous year, Propelld’s fully-owned NBFC subsidiary, Edgro, successfully secured $25 million in debt financing from notable lenders including Credit Saison India, AU Small Finance Bank, InCred, and Northern Arc.

The board of Propelld has sanctioned a resolution to issue 20,732 Series D compulsory convertible preference shares (CCPS) at a price of Rs 1,25,408 each to accumulate the targeted amount, as detailed in a regulatory filing with the Registrar of Companies (RoC).

WestBridge Capital plans to invest Rs 240 crore ($28 million) through Setu AIF Trust, Konark Trust, and MMPL Trust, while Stellaris Venture Partners will inject Rs 20 crore.

The funds raised will be allocated to cover the company’s working capital requirements and to support capital expenditures aimed at business growth, the filing noted.

Based on estimates from Startup Superb, Propelld’s post-funding valuation stands at approximately Rs 860 crore or $101 million.

About Propelld

Founded in 2019 by Bibhu Prasad Das, Victor Senapaty, and Brijesh Samantaray, Propelld focuses on providing educational loan solutions through ‘Study Now, Pay Later’ schemes and Income Sharing Agreements (ISA) via its NBFC arm. Additionally, it offers collateral-free education financing options.

Following this latest funding round, WestBridge is expected to hold a 46.9% stake in the company, while Stellaris Venture Partners will possess a 15.69% stake. As reported by various sources on startup data intelligence platforms, the Bengaluru-based company has raised approximately $39 million in total, including a $35 million funding round in February 2022.

Financial Overview

During the fiscal year ending March 2024, Propelld’s operational revenue remained stable at Rs 82 crore. However, the company experienced a significant increase in losses, which surged by 61% to Rs 43 crore during the same timeframe. The figures for the fiscal year 2025 have yet to be announced.

Market Position

Propelld competes with several other fintech startups focused on education loans, such as Leap Finance, which has recently raised $100 million in debt from HSBC under its ASEAN Growth Fund, and Grayquest, which garnered Rs 80 crore ($9.3 million) in its Series B round from IIFL Fintech Fund, among others.