EduFund, a company focused on education financing, has raised $6 million in its Series A funding round led by Cercano Management.

Existing backer MassMutual Ventures also contributed to the funding round.

The fresh capital will primarily support the development of a personalized planning platform designed to address individual customer requirements for both savings and lending solutions aligned with their specific financial objectives.

 

The company also aims to boost its loan portfolio and strengthen its presence in secondary and tertiary cities across India.

EduFund, which was established in 2020 by co-founders Eela Dubey and Arindam Sengupta, provides comprehensive financial solutions to assist Indian families in preparing, accumulating funds, and making strategic investments for their children's educational expenses. 

The platform currently serves over 250,000 families and has partnerships with more than 40 asset management companies and over 15 lending organizations.

The company's investment offerings include mutual funds, US-based exchange-traded funds, and digital gold options. 

Last month, New Delhi-based GyanDhan raised Rs 50 crore in funding from edtech firm Classplus and venture capital firm Pravega Ventures.

Earlier this year, Leap Finance, the lending division of overseas education startup Leap, secured $100 million debt.