Education loan provider Eduvanz has secured Rs 25.52 crore in a bridge financing round co-led by Juvo Ventures and Capria Fund, with extra interest from Peak XV and Unitus Ventures.

Eduvanz's board has affirmed an extraordinary determination to issue 26,405 preference offers at an issue cost of Rs 9,667 each, raising Rs 25.52 crore, concurring to a regulatory filing accessed from the RoC.

Capria Fund and Juvo Ventures contributed Rs 8.65 crore and Rs 8.57 crore, individually, whereas Peak XV and Unitus Ventures contributed Rs 4.28 crore and Rs 4 crore.

According to the filings, the recently raised funds will be utilized for working capital, product improvement, and marketing activities.Entrackr gauges Eduvanz's post-allotment valuation at roughly Rs 551 crore, reflecting a 35% decay from its final expanded Arrangement B circular, where the company was esteemed at Rs 850 crore.

Eduvanz gives advances to students to back their school, coaching, and test prep expenses. Salaried and self-employed people can look for advances from it to finance their up-skilling expenses. 

The recently raised stores will be coordinated toward working capital, product advancement, and promoting activities. 

After the bridge round, Peak XV Partners will hold a 31.72% stake in the company, whereas Juvo Ventures and Capria Support will possess 4.89% and 3.14%, respectively.

The new financing is coming after a gap of more than two a long time for Eduvanz. In December 2022, it scooped up $12.6 million in its extended Series B round from new and existing backers. 

Eduvanz competes with well-funded firms such as Grayquest, Avanse Monetary, Financepeer, Propelld, Leap Back, and Auxilo. Recently, Leap Finance raised a $65 million circular whereas Auxilo raised funds from Motilal Oswal Group.