The edutech company, Finwego has obtained INR 11.83 Crore in a seed funding round, which was led by VC firm, SAIF Partners, according to a media report.
A cluster of affluent individuals and angel investors had partaken in the funding round, according to companys statement.
Finwego, which is run by Meitrail Financial Services Pvt. Ltd, said the company will deploy the funding for business expansion and fortifying its technological as well as data infrastructure. Further, the company also decides to apply for a non-banking financial company licence, as reported by VC Circle.
With the infusion of new funds, we are looking to build a high-caliber team and digital infrastructure to support our robust growth plans, Co-founder and CEO of Finwego, Shiv Vadzivelalagan said.
The fintech startup, Finwego has incorporated last year by co-founders, Vadivelalagan and Pavee Ramanisankar and later, developed by the business incubator, Harvard Innovation Lab. The company renders loan products throughout the school system, from lending personal loans to school teachers to offering loans to parents for a fee and further, widening capital for school.
So far, the fintech company has partnered with at most 150 schools and has connected with over 4,000 teachers as well as 75,000 students.