ImpactAlpha, April 16 – Mumbai-based Eduvanz’s mission is to make skills and workforce training more accessible to India’s youth. The startup raised $2 million from Unitus Ventures and the Michael & Susan Dell Foundation.
More than 70% of India’s unemployed youth struggle to pay for vocational and other skills courses that would improve their career and earning potential. Eduvanz is among a growing crop of education and financial tech companies trying to improve access and affordability of workforce development. The company partners with training institutions covering everything from tech skills to trades like carpentry, and offers low-interest loans for students who enroll.
Eduvanz has more than 80 institutional partnerships and has loaned 120 million rupees ($1.7 million) to 1,000 students. It wants to grow its loan portfolio and student reach nearly 10-fold by 2020.
“By finding viable financing solutions for high quality skilling courses, we can enable the growth of the skilling industry and prepare millions of youth for 21st century jobs,” Dell Foundation’s Geeta Goel said in a statement.