About the role
US headquartered ed-fin-tech platform, GradRight aims to clock a net revenue of $20 million in FY23 (January- December), Aman Singh, co-founder, GradRight told FE Education Online. The company plans to increase its user base to 90,000 from the current 30,000. Further, the company aims to raise funds for the platform in series A by September this year. "The idea is to focus on revenue generation and add value to our product and partners," Singh said.
According to the regulatory filing accessed by business intelligence platform Tofler, in FY21 the Indian subsidiary of GradRight based in Hyderabad, incurred a net loss of Rs 3.13 lakh, while its net revenue stood at 13.75 lakh. On the other hand, its US based parent entity clocked a net revenue of $0.5 million in FY22. "We are currently in an early stage. So with very limited resources, but a great product and a great team we are scaling extensively," Singh said.
Further, GradRight claims to monetise through its partnership with universities and banks. According to Singh the company has inked partnership with over 40 universities across the US, Canada and Europe. The company also claims to have partnerships with major lenders across India and abroad. It plans to collaborate with more banks in India. Furthermore, while the platform claims to provide free services to students, it charges a subscription of $20,000 per school from universities and $600 from banks for every successful disbursement.
About the company
According to Singh, as early as February in FY23, the company plans to set up a team in India which will take the product to the US market.
This job is sourced from a job board