Info-tech

Finwego raises $1.7 mn from SAIF Partners, others

PTI New Delhi | Updated on June 19, 2019 Published on June 19, 2019

Incubated at the Harvard Innovation Labs, Finwego delivers tech-enabled lending products to stakeholders in the school ecosystem

Fintech venture Finwego on Wednesday said it has raised USD 1.7 million (about ₹ 11.84 crore) from SAIF Partners along with a group of HNIs and angels in a fresh round of funding.

The seed round will be utilised for expansion, growing a profitable book and strengthening tech and data infrastructure, a statement said.

Incubated at the Harvard Innovation Labs, Finwego delivers tech-enabled lending products to stakeholders in the school ecosystem, including management, parents, teachers and vendors. It is currently operational in Tamil Nadu.

The company plans to apply for an NBFC licence and will soon expand to other parts of the country, the statement said.

Finwego has already on-boarded over 200 schools in the last six months and is planning to expand to more than 1,000 schools by the end of this financial year, it added.

“Our aim here at Finwego is to deliver customised 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,” Finwego co-founder and CEO Shiv Vadivelalagan said.

He added that the company aims to reach out to over 10,000 schools over the next five years and establish a pan-India presence.

Currently, there are 3.5 lakh private schools in India that educate about 40 per cent of the school going students in the country, which roughly translates to 100 million students.

Finwego will also focus on doubling its headcount within 3 months from a current team of 30 members, the statement said.

Published on June 19, 2019

A letter from the Editor


Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.