Kuhoo Finance announced has received approval for a non-banking financial company licence from the Reserve Bank of India (RBI), student loans-focussed lending platform said on March 11, allowing it to lend from its books along with partner NBFCs and banks.
Incorporated in 2021, Mumbai-based Kuhoo offers educational loans starting Rs 50,000 to up to Rs 2 crore for undergraduate and postgraduate courses, including study abroad financing. It also gives loans for executive education and upskilling programmes.
“Our NBFC status will allow us to play a pivotal role in India's educational landscape, supporting the dreams and aspirations of countless students who might otherwise be unable to pursue higher education due to financial constraints,” Kuhoo Finance founder and CEO Prashant A Bhonsle.
With the NBFC licence, the platform plans to introduce a suite of new loan products needed by various academic streams, the company said in a statement.
The company also plans to strengthen its partnerships with educational institutions, banks, and other financial entities.
The lending firm, which competes with the likes of Incred Finance, Eduvanz and Leap Finance, had raised $20 million seed round from WestBridge Capital, as part of its first institutional funding back in March 2022.
Its other investor include Konark Trust and MMPL Trust, Traxcn data shows.
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