Shiksha has raised Rs. 55 Crore fund from Zephyr Peacock and existing investors Michael & Susan Dell Foundation and Aspada Investment Company.
Shiksha provides average student loan of Rs. 25,000 per year and average school loan of Rs. 7 Lakh for the tenure of four years.
Shiksha provides working capital loans to Educational Institutes and loans to parents for Education.
A Chennai based education finance company; Shiksha has raised Rs. 55 Crore fund from Private Equity fund Zephyr Peacock and existing investors Michael & Susan Dell Foundation and Aspada Investment Company.
Education finance firm came into existence in 2014 provides working capital loans to Educational Institutes and loans to parents for Education of their children from class I-IX. Along with this it also provides the fund to schools to run classes from nursery to XII. It provides average student loan of Rs. 25,000 per year and average school loan of Rs. 7 Lakh for the tenure of four years.
Shiksha is planning to use the raised fund in expanding its presence in existing location and explore into new locations including Maharastra. Recently it has its a presence in Andra Pradesh, Karnataka, Telangana, and Tamil Nadu. Prior to the recent round of funding, it raised $21 of the fund in 2017 from Michael and Susan Dell Foundation and Aspada in its series A round of funding.
According to Pankaj Raina, Managing Director Zephyr Peacock, “spending in Education is a multi-billion dollar market because gaining quality education is too tough for lower and middle classes people in India.
Shiksha is planning an innovative role in Education ecosystem by lending to both schools and students. He also added we were continuously analyzing the Education finance space and our investment in Shiksha fits appropriate with Zephyr investment model in Education system.”
Shiksha now has a loan book of Rs. 102 crore and is aiming to double it in next 5-6 quarters. They also take fewer interest rates on loans. Sometimes the customer has to pay only half interest for the loan if it takes the same loan from private financiers. The innovative thing about Shiksha is that credit delivery is done at the doorstep of the customer. Shiksha is doing an appraising job in terms of Education and startups are assisting it by providing funds.
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