Education-focussed lender Eduvanz Financing Pvt. Ltd said Thursday it has acquired the mentoring-based ed-tech startup Klarity.
The acquisition will help Eduvanz reach out to education institutes and industry mentors, co-founder and chief executive officer Varun Chopra said in a statement.
“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,” Chopra said.
The two companies did not disclose the financial details of the transaction.
Klarity is a one-on-one video-based mentoring platform that connects students with professionals in their area of interest. It was set up by Manmeet Singh Akali.
Klarity’s mentorship programme runs for two years and is primarily focussed on postgraduate students. The programme involves analytics-driven assessments, specialisation-wise market reality workshops, and meetings with industry professionals.
The acquisition comes around three months after Mumbai-based Eduvanz raised $5 million (around Rs 37 crore) in a Series A funding round led by Sequoia Capital. Early-stage firm Unitus Ventures also participated in the round.
Eduvanz was set up by Chopra and Raheel Shah in September 2016. Chopra is an IIT-Madras alumnus and previously worked with Nomura and Deutsche Bank. Shah, the chief business officer, is an IIM-Ahmedabad alumnus and earlier worked with Accenture.
Eduvanz says it is a technology-based NBFC that allows students to apply for low-cost loans via its platform. It focusses on students looking to pursue any vocational degree or skill development course at any institute either recognised or in partnership with the company.
The company says it has so far worked with over 15,000 students and partnered with more than 350 institutes. It has a presence across 20 states and claims to have disbursed over Rs 200 crore.
The startup had last year secured $2 million from social-impact investment firm Unitus Ventures and Michael & Susan Dell Foundation.
