Propelld, a lending platform with an emphasis on education, is expected to raise Rs. 260 crore, or about $30.5 million, in its Series D round, which is being led by WestBridge Capital and includes Stellaris Venture Partners. Edgro, Propelld's fully-owned NBFC subsidiary, raised $25 million in loan from Northern Arc, InCred, AU Small Finance Bank, and Credit Saison India in May of last year.
According to its regulatory filing obtained from the Registrar of Companies (RoC), Propelld's board adopted a special resolution to issue 20,732 Series D compulsory convertible preference shares (CCPS) at an issue price of Rs. 1,25,408 apiece in order to raise the aforementioned amount. Stellaris Venture Partners will contribute Rs. 20 crore, and Westbridge Capital will invest Rs. 240 crore ($28 million) through the Setu AIF Trust, Konark Trust, and MMPL Trust.
According to the filing, the investment will be used to cover the company's working capital requirements as well as capital expenditures for business expansion.
Propelld, which was founded in 2019 by Bibhu Prasad Das, Victor Senapaty, and Brijesh Samantaray, offers financing for school loans through "Study Now, Pay Later" products and Income Sharing Agreements (ISA) through its NBFC division. The business also provides funding choices for schooling without the need for collateral.
WestBridge will own 46.9 percent of the business after the most recent funding, while Stellaris Venture Partners will own 15.69 percent. The Benguluru-based company has funded approximately $39 million to far, including its $35 million round raised in February 2022, according to startup data intelligence platform TheKredible.
