Mumbai, India-based Financepeer on Tuesday, 29 September 2020, announced that it has raised $3 million in a funding round led by Jaipur’s NBFC, MS Fincap, with participation from UAE’s Danube (UAE’s largest conglomerate), Aar Em Ventures, Angelbay Holdings, JITO Angel Network, and HEM Angels.
Founded by Rohit Gajbhiye, Naveesh Reddy, DebiPrasad Baral, and Sunit Gajbhiye in 2017, the Mumbai-based startup provides zero-cost EMI-based school fee financing options to parents. Applicants also get insurance protection for their children’s lifetime education fees in case of any adverse incidents.
Financepeer was incubated by Google Launchpad in July 2020. The company has until now raised $4 million including the lates investment round.
The Mumbai-based startup will deploy the fresh funds to partner with educational institutions – from 1,800 schools at present to 5,000 schools in the next 12 months. The fresh funds will enhance Financepeer’s edu-fintech products, accelerate product development, and warrant organic product growth.
Speaking of the development for Financepeer, Rohit Gajbhiye, CEO of Financepeer, said,
“Raising funds during the COVID-19 pandemic depicts our strength, positivity and our commitment. During this phase, we are glad we created a positive impact in the lives of thousands of parents who were affected financially. With these fresh funding, we expect our market-leading revenues to see sustainable high growth,”
Shridhar Modi, Director of MS Fincap, said,
“The hockey-stick growth story of Financepeer is phenomenal and is maturing in every region of the country. The visionary team at Financepeer is not only ensuring quality education but also addressing the nation-wide issue of education loans,”
Financepeer is present across 50 cities in India and claims to have impacted around 9,00,000 students across India through its education loans.
The funding round for India’s fintech startup, Financepeer includes participation from UAE’s conglomerate Danube, a clear example of the rising Indo-UAE relationship. LAFFAZ Media is also planning to launch the world’s first INDO-UAE Corridor to integrate the Indian startup ecosystem and the UAE startup ecosystem. The initiative is projected to launch later this week.