Bluebear Technology Private Limited (operating under the popular trade name “Propelld”) has raised $30 million from a Series D fundraise led by WestBridge Capital with participation from Stellaris Venture Partners.

Cyril Amarchand Mangaldas advised Propelld on this fundraise.

TT&A advised lead investors Setu AIF Trust, Konark Trust, and MMPL Trust, collectively referred to as “WestBridge Capital”, on this transaction.

The transaction team consisted of Gautam Saha (Partner), Harshit Chandra (Partner), Aditi Somani (Senior Associate), Shambhavi Singh (Senior Associate) and Sangita Sharma (Associate).

The funds are intended to be used for the company's working capital requirements and capital expenditures for business expansion.

Propelld, founded in 2019 by Bibhu Prasad Das, Victor Senapaty, and Brijesh Samantaray, offers flexible education loan financing through "Study Now, Pay Later" products and Income Sharing Agreements (ISA) via its NBFC subsidiary, Edgro. They focus on assessing a student's academic performance, the institution's track record, and future earning potential rather than traditional credit history.

This Series D follows a previous $35 million Series B fundraise in February 2022, also led by WestBridge Capital. In May of last year, Propelld's wholly-owned NBFC subsidiary, Edgro, also raised $25 million in debt from various lenders.

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