The startup plans to use the funds for geographical expansion, product development, and strategic acquisitions in the BFSI and tech training space
Founded in 2019, FinX works with universities and colleges by offering vocational and industry-focused courses alongside degree programs
The startup claims to have trained more than 40,000 students to date and has set its eyes on scaling this to 1 Lakh students annually in the near future
Skilling platform FinX has raised $6 Mn (INR 50 Cr) in its seed funding round from impact investment firm Elevar Equity.
The Mumbai-based startup plans to use the fresh capital to establish 30 branches pan-India and bolster its education and employment exchange platform. A part of the fresh proceeds will also be deployed to expand its product portfolio and pursue strategic acquisitions in the BFSI and technology training space.
Founded in 2019 by Himanshu Vyapak and Upasana Koul, FinX works with universities and colleges to bridge the gap between academic education and BFSI industry requirements by offering vocational and industry-focused courses alongside degree programs.
“We bring contextual, industry-focused content, which is application-focused and delivered by people who are industry experts,” FinX cofounder and CEO Vyapak told Inc42.
FinX aims to cater to the growing demand for upskilling courses and address the employability gap in India’s BFSI sector, with a focus on Tier II & III cities. For context, India Skills Report 2024 estimates that over 50% of Indian graduates are “unemployable” due to a lack of practical skills and industry-specific knowledge.
FinX currently claims to have about 80 employees and over 1,000 trainers spread across 100+ cities in India. It claims to have trained more than 40,000 students to date through partnerships with over 300 colleges across 12 states.
The startup has set its eyes on training nearly 15,000 students this year and aims to scale this to 1 Lakh students annually.
Commenting on the fundraise, Elevar Equity founder and managing partner Sandeep Farias said, “Education directly impacts employability, economic well-being of families, and their ability to climb the social ladder. We are thrilled to back FinX in its mission to enhance employability and drive economic empowerment”.
It is pertinent to note that FinX acquired CIEL (Center for Investment Education and Learning) in 2019, which has been providing corporate training in the BFSI space for over 17 years. Through CIEL, the startup claims to have trained over 2 Lakh professionals.
The fundraise comes at a time when Indian edtech startups are seeing renewed investor interest. Recently, Physics Wallah raised $210 Mn from Hornbill Capital at a $2.8 Bn valuation, while Eruditus secured $150 Mn in a round led by TPG’s The Rise Fund.