Zinc, a goal-based wealth-tech platform focused on children's education, has raised $25.5 million in seed funding led by Nexus Venture Partners. Investors such as Quona Capital, EDBI, Global Ventures, and Saison Capital also took part in the process.
Launched by former PayU Finance India chief executive Prashanth Ranganathan, Singapore-headquartered Zinc aims to help Indian families financially prepare for their children’s overseas education, offering services in wealth management, international transfers, and tailored education planning.
Nexus was also an investor in Ranganathan's previous consumer lending venture PaySense, which was acquired by PayU for $185 million in 2020. During his time at PayU, Ranganathan was key in scaling Lazypay, the credit business of Prosus-backed PayU.
What Zinc offers
Zinc’s core offerings are designed to address the unique financial needs of families planning for overseas education. One of its flagship products, Ada, is an AI-powered counsellor that assists students and families with international education planning, available directly online and through partnered counsellors in various cities.
Zinc also provides customised investment options to help families save in foreign currencies, aiming to mitigate the financial risks of fluctuating exchange rates when paying international fees. Additionally, Zinc has developed a remittance platform that enables families to transfer funds efficiently for tuition and other overseas expenses.
"We plan to offer lending as part of our long-term strategy by leveraging access to global low-cost debt, allowing us to potentially provide more flexible and user-friendly lending options. For now, we has conducted trials with partners like GyanDhan, HDFC Credila, and Avanse," the founder told Moneycontrol.
“At Zinc, we are addressing one of the most pressing challenges for Indian families—navigating the rising costs of international education. In today’s changing financial landscape, it’s crucial to move beyond traditional rupee-based savings and adopt strategies that protect against currency fluctuations,” he explained.
The platform has obtained the Sebi approval as a Registered Investment Advisor (RIA) and received in-principle approval as a Payment Service Provider (PSP). The company has also applied for a brokerage licence from the International Financial Services Centres Authority (IFSCA) at GIFT City. These licences will allow Zinc to provide customised investment advice, secure cross-border payments, and facilitate access to global markets, it said.
Revenue for Zinc is expected to come from counselling, wealth management, and remittance services, with counselling fees kept low to enhance accessibility in smaller cities.
The platform also plans to generate income from fund management and brokerage services, with lending set to contribute to revenue once fully launched, the founder added.
Besides a series of agnostic wealth management and education loans platforms, Zinc faces direct competition from MassMutual Ventures-backed firm Edufund and Goal-based savings platform Rupaiyya.
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