The funds will also be used to expand its operations across India and strengthen its loan appraisal technology.
Blinc Invest, a Venture capital firm is hopeful to operationalize an INR 100 crores SEBI approved fund in the upcoming time. The firm has approached Sebi for the approval of the fund and raised INR 30 crore in funding thus far. This is the second round of investment that Blinc Invest has plans to invest in a total of six start-ups.
Blinc plans to invest INR 100 crores in start-ups that have revenue of about INR 2crores, and its product is operational. The primary focus will be on financial and education companies. Blinc 2 has already agreed to the INR 30 crore investment that it has raised earlier.
Back in 2018, Eduvanz Financing Pvt. Ltd, a Mumbai-based firm that provides loans for skill development, had raised $500,000/ INR Rs 3.21 crores in an angel round of funding led by venture capital firm BLinC Management Advisors Pvt. Ltd. Eduvanz uses artificial intelligence (AI) based algorithms and predictive analytics to collate socio-economic and financial data to make all lending easier. The funds will also be used to expand its operations across India and strengthen its loan appraisal technology.