Kuhoo Secures $20M From West Bridge Capital – TechGraph

Kuhoo, an India-based student loan provider, has secured $20 million in series funding from West Bridge Capital.

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The platform plans to offer online loans to students who wish to study in universities in India and abroad.

Speaking about the development, Prashant A. Bhonsle, Founder of Kuhoo said: “We have the mission to make Indian students Atmanirbhar. In our 30+ years of providing loans to Indian students, we have observed that many talented students do not apply to good universities for fear of burdening their parents with high fees and living expenses. We want to change that.”

“At Kuhoo, we combine our extensive experience with advanced technology and data science to create risk and credit models. These models help us assess students’ potential employability and future earnings for various courses that students enroll in. With this unique capability, Kuhoo can offer different products that best fit the individual profiles of students from different family backgrounds. The other – usually underestimated – benefit for the students is that this loan helps them build a credit history while in college. As we all know, in today’s world, having good credit ensures that students have access to the best financial products like credit cards, other loans, etc. as soon as they start working,” Bhonsle added.

Kuhoo has also brought on board experienced global talents from technology, data science, consumer and student loan fields. In addition to launching its innovative products, Kuhoo will partner with banks and other NBFCs, as well as with top colleges and coaching centers around the world.

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“As a fully online student rental company, we aim to provide the most dignified experience for students, parents, universities and all of our partners. We also plan to use our expertise to help students find the most suitable universities, courses and even jobs after they graduate,” added Bhonsle.

Commenting on the funding, Deepak Ramineedi, Partner, West Bridge Capital said: “We have been closely monitoring the Indian education sector for over a decade. With the cost of education rising, we believe India needs loan providers that fully understand the issues faced by students, parents and academic institutions. Assessing the future employability and income of students are two of the biggest challenges for existing banks and NBFCs that offer student loans.”

“We are glad that we have found the right entrepreneur in Prashant. Aside from his experience in founding one of the most successful student loan companies in India, we like his vision of using technology and analytics to build an online business model. Additionally, Prashant’s passion for culture and creating impact aligns with West Bridge’s core values. We are excited to partner with kuhoo and wish the talented team all the best,” added Ramineedi.

Sumir Chadha, Co-Founder and Managing Director of West Bridge Capital Partners, added of the investment round: “Over the past few decades, only a tiny percentage of talented Indian students have had a chance to pursue their dream of higher education at universities abroad. While this will continue to grow, India’s emerging world order and economic growth offer many career opportunities for students. Additionally, the Indian government’s policy push to create quality educational institutes and the edtech revolution of recent years have opened up attractive avenues for young Indian students.

“West Bridge Capital is committed to financial inclusion through long-term investments in sectors such as affordable housing finance and education. We strongly believe that Kuhoo will play an essential role in making these expensive courses affordable, mainly for middle-class Indian families. We are excited to support Prashant and his talented team at kuhoo in their quest to create one of the largest student loan institutions in India,” added Sumir Chadha.

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