NEW DELHI : Education lending startup Credenc on Tuesday announced the acquisition of the digital content platform ObserveNow for an undisclosed amount, and claimed that “the strategic acquisition will help Credenc enable more lending to the education in various verticals “.
“Through this agreement, Credenc, which is a Capital India company, will further consolidate relationships across all verticals… by consolidating ObserveNow’s extensive media network, brand partners and marketing experts. The association with ObserveNow will help create new business opportunities for Credenc by reaching out to colleges and students across India, ”the education loan company said.
Credenc is a Delhi-based, technology-based education lending platform established in 2017 and currently working with around 1,000 colleges in 17 cities. Capital India, a company that provides finance to SMEs and individuals, injected $ 25 million into Credenc in July.
Founded in 2019, ObserveNow has a presence and content reach across multiple verticals, including human resources, education, healthcare, startups, and tech.
Mayank Batheja, co-founder of Credenc, said ObserveNow’s connection within the industry “is of great value” to them and both will try to serve students and professionals working across India.
Credenc undertakes a rigorous assessment process using a proprietary artificial intelligence (AI) model, “which tracks 15 million data points to predict future income for students applying for loans.” The loans are based on the potential and future income of the students, instead of the existing income. the family’s financial capacity, which is usually the main factor taken into account by traditional education lenders, he said in July.
Credenc offers student loans covering K-12 tuition, online refresher courses, graduate studies, and overseas courses and is looking to lend ??3,000 crores by 2025.
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