Finech startup Finwego has raised $ 1.7M from SAIF Partners along with a group of high net-worth individuals and angels in a seed round of funding.
Incubated at the Harvard Innovation Labs, Finwego works to deliver tech-enabled lending products to all stakeholders of the school ecosystem including management, parents, teachers and vendors.
The startup which is currently operational across key markets in Tamil Nadu will use the funds to strengthen their data infrastructure and the technology platform. The company intends to expand operations to other states and build a profitable book.
“Our aim is to deliver customized 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,” said Shiv Vadivelalagan, Co-Founder and CEO, Finwego.
Finwego has already onboarded more than 200 schools over the last six months and has a target to reach 1000 schools in the current financial year. Over the next five years the company intends to have a pan India presence. Further from around 30 members currently, the plan is to double the team size as well.