Finwego has already on-boarded 200+ schools in the last 6 months and is planning to expand to 1000+ by the end of this financial year.
Fintech venture Finwego has raised USD 1.7M from SAIF Partners along with a group of HNIs and Angels in a fresh round of funding. Incubated at the Harvard Innovation Labs, Finwego will deliver tech-enabled lending products to all stakeholders of the school ecosystem including management, parents, teachers and vendors.
Currently operational across key markets in Tamil Nadu, Finwego specializes in lending across the school ecosystem players and acts as a one-stop-shop for all their financial needs. The seed round will be utilized for expansion, growing a profitable book and strengthening their tech and data infrastructure. The company also plans to apply for an NBFC license. The company will soon be starting operations in other Indian states.
Shiv Vadivelalagan, Co-Founder & CEO, Finwego opined “Our aim here at Finwego is to deliver customized lending products for the rapidly growing private school education space in India. With the infusion of new funds, we are looking to build a high calibre team and digital infrastructure to support our robust growth plans. We plan to reach out to 10,000+ schools over the next 5 years and have a pan India presence.”
“Currently, there are 350,000 private schools in India that educate about 40% of the school going students in India, which are roughly 100 million students. We expect this number to grow as more parents prefer private school education. We are extremely delighted to have SAIF Partners onboard, as they are excellent growth partners”, he added.
Announcing the investment Mridul Arora, Managing Director, SAIF Partners said “We are excited to partner with Finwego who are doing some very interesting work in the education finance space. We are very optimistic about the company’s growth and product innovation and we believe that Finwego can positively contribute to the private school education ecosystem in India while building a profitable business. Excited to partner with them in the next phase of growth,” he added.
With geographic expansion on the cards, Finwego will be focusing on developing innovative products that are highly relevant for their target group. The team is growing rapidly and are looking to double their size within 3 months, from a current size of 30 members