EduFund has recently raised INR 2.5 Crore Pre-Seed round led by ViewTrade Holding Corporation, USA. At EduFund, our mission to build a unified platform that best suits one’s academic aspirations.
1. Brief us about your business model like how did the idea come to start and how does it work (step-by-step procedure)?
I was a bright student who grew up in an upper middle-class family in New York and I was fortunate to secure an admission at the reputed NYU, my dream university.
But having a parent who was sick and in and out of work for a decade meant that my parents couldn’t afford to pay a huge tuition fee from their pockets. I found it challenging, and hard, to fund my higher education.
I was left with one option: finance my own education. I took a loan, bagged a partial scholarship and took up two part-time jobs.
EduFund was born out of my own struggle. Finances should not be the biggest barrier in a child’s higher education. We created EduFund so that no child is left behind just because of finances. We created EduFund so that no parent experiences the stress that comes with not securing your child’s future.
You can join EduFund in 3 simple steps-
Download the app, tell us about your child’s education goals and kick-start your monthly investment plan. You can plan, invest and track your progress from your phone.
2. What are the unique key points of your startup?
The key points of our startup is that allows parents to financially plan for their children’s higher education by giving them a detailed roadmap on:
1. The true costs of education that they aspire for
2. How to map their aspiration to a financial plan
3. A holistic plan for their child’s education
Our products are focused on two areas: higher education financing, and college counselling. Within the app, parents can use our one-of-a kind college calculator to understand the true cost of education. When we say “true cost” it’s important to understand that tuition fees alone do not make up the entire cost of college. University inflation, the cost of living, and country inflation are all dynamic elements that change year upon year. This will alter the cost of education dramatically even over a 5-year span. Our college calculator arms parents with the knowledge of cost. We then help parents understand which investments best suit their goals to reach this savings target. Users can invest in mutual funds, and US dollar products, directly from our app if they want to create a savings plan for their child’s higher education.
While financing is incredibly important, academic preparation, especially for colleges abroad, is also really important. Understanding the right stream, admissions process, standardized tests etc can be intimidating without proper guidance. We’ve partnered with India’s best college counsellors to help parents and their child prepare for the college process. Parents can directly access these counsellors from our app and start a conversation with whichever one of them best suits the parent’s needs.
In this regard, EduFund is the total umbrella for higher education planning
3. What is the funding status and monetization model?
EduFund has recently raised INR 2.5 Crore Pre-Seed round led by ViewTrade Holding Corporation, USA. At EduFund, our mission to build a unified platform that best suits one’s academic aspirations.
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