Fintech firm Eduvanz on Thursday said it has acquired Klarity — an online platform that provides video-based one-on-one mentoring — for an undisclosed amount.

Eduvanz, which has disbursed education loans worth Rs 210 crore till now, said it has seen strong demand and has registered a 40% growth in the number of loans given out in the last few months.

“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,” said Eduvanz CEO and co-founder Varun Chopra.

Through its platform, Klarity has impacted more than 5,000 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, he added.

The online one-on-one mentorship by Klarity primarily works with postgraduate students. The mentoring programme involves analytics-driven assessment, specialisation-wise market realities workshops that cover job-roles followed by one-on-one mentorship meetings with industry professionals.

“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. 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,” Klarity CEO and founder Manmeet Singh Akali said.

Klarity is 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 and Uber, among others, he added.

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Backed by Sequoia and Unitus Ventures with close to $6 million cumulative funding, Eduvanz has seen demand from across the country, especially tier I and II cities.

“Education is often the first loan people take and it (education) is also an emotional spend. The last three months have seen the highest demand (August to October) as people opted for courses to skill and re-skill themselves amid the pandemic…there has been a 40 per cent spike in the number of loans given out in the last few months,” Chopra said.

He added that Eduvanz has given out education loans worth over Rs 210 crore with average ticket size being Rs 1.5-2 lakh.

“Close to 20,000 students have taken loans from Eduvanz via various institutes and partner universities…We have seen 15x growth in the monthly user numbers since last March and we will have USD 100 million book size by March 2022,” Chopra said adding that by March next year, the company expects to disburse Rs 40-50 crore worth of loans a month.

Eduvanz assesses applicants using a proprietary AI-based algorithm at the back-end. Close to 20,000 students have taken loans from Eduvanz via various institutes and partner universities.



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