EduFund, an education‑planning and financing platform, has raised $6 million (approximately ₹50 crore) in a Series A funding round led by Cercano Management and MassMutual Ventures.
The fresh funds raised will be used to enhance EduFund’s AI-powered advisory system, expand its loan offerings for undergraduate students, and increase its presence in tier II and tier III cities across India.
The round brings EduFund’s total capital raised to $12 million, including $3.5 million from a 2023 round led by MassMutual Ventures.
Founded in 2020 by Eela Dubey and Arindam Sengupta, EduFund offers a comprehensive roadmap for funding education, including goal-based investment portfolios, affordable education loans, visa and forex support, and on-demand expert counselling.
The company has onboarded more than 250,000 families on its platform and built a partner network of over 40 asset-management firms and more than 15 lending institutions (public- and private-sector banks, non-banking financial companies, and international lenders).
The company has also teamed up with consumer brands such as Hamleys, school software provider Prisms, and logistics company DTDC.
Eela Dubey, co‑founder and CEO of EduFund, said, “Education is a consumer staple in India, and parents already spend about 30 percent of their earnings on it. With costs rising at home and abroad, the middle‑class Indian parent faces a major challenge. Backed by a community of 250,000 families, we are more committed than ever to solving this problem, and this Series A fundraise is a testament to that commitment.”
Danika Ariadna, Vice President of Cercano Management, said, “We are excited to join EduFund in its journey to become the end‑to‑end education‑financing and preparation partner for Indian families. Higher education is getting costlier and less accessible worldwide, so parents need a platform that helps them start planning early.”
Doug Russell, Managing Partner and Head of MassMutual Ventures, said, “Our follow‑on investment underscores our confidence in EduFund’s innovative approach. In just two years, the platform has empowered families to plan and save for their children’s future, and we are pleased to support its next phase of growth.”
