GradRight, an ed-fintech firm, claims to have reached out to about two lakh students from tier-2 and tier-3 cities. Approximately 90,000 students actively engage with the platform to determine their optimal college choices and identify suitable loan options, it stated. GradRight claims to assist students throughout the process of filing applications besides loan procedures, providing complimentary access to its SelectRight and FundRight platforms. These tools offer insights into programme selection, facilitate communication with faculty and alumni and aid in the evaluation and selection of suitable education loan options, Aman Singh, co-founder, GradRight, told FE Education. “Every student across the country can leverage GradRight to make informed decisions, breaking free from geographical constraints. With just a click, they gain access to education financing organisations and can secure unsecured loans ranging from an average of Rs 20-70 lakh,” he said.
The company has reported 16.5X growth in its revenue from sales of services to Rs 2.44 crore in FY22 from Rs 13.75 lakh in FY21. Additionally, the company’s net loss increased 2.6x to Rs 2.61 crore in FY22 from Rs 3.12 lakh in FY21, as per regulatory filings accessed by business intelligence platform, Tofler.“We are currently going through a phase of rapid expansion. However, sharing projections for the future at this juncture of our growth would be deemed speculative and we prefer to abstain from making such declarations,” he said while responding to a query regarding the target net revenue in FY24.
Additionally, the platform claims to utilise Machine Learning (ML) to formulate personalised recommendations for colleges and financing sources tailored to each student’s distinct profile. “The algorithm systematically processes pertinent academic, financial and professional data, incorporating individual student preferences. By analysing millions of data points across numerous programmes, it generates a hyper-personalised array of choices. Importantly, this process is executed without bias, ensuring reliable and scalable recommendations for thousands of students simultaneously,” Singh said.
GradRight aims to cater to students across various countries in a gradual rollout. Presently, the platform claims to have established partnerships in the United States (US), Canada and Europe. As it continues to expand its operations, GradRight aims to increase the number of collaborations in these markets and extend its reach to include additional countries. “Having processed more than $2 billion in loan requests in the last two years, we are well-positioned to introduce our platform to a wider range of students worldwide,” he added.