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Friday, June 21, 2024
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ASL, owner of UniAcco and UniScholars, secures $5M funding led by CSVP Fund

The UniAcco, UniCreds, and UniScholars brands are held by the study-abroad platform ASL (Adventum Student Living), which recently announced a $5 million bridging equity deal led by a new investor, Cornerstone Venture Partners Fund (CSVP Fund). The other investors in the fundraising round were previous backers.

The business from Mumbai plans to raise $20 million in its Series-B investment, according to the release.

Prior to its 2019 founding, the business secured $5 million in a round labelled pre-series-B from investors such as Suresh Pareek, the founder and managing director of the pharmaceutical company Ideal Cures, and Auctus Capital, the investment firm co-founded by EuroKids co-founder Vikas Phadnis.

According to a press statement from ASL, the money from the most recent round will enable it to increase the range of products it offers to better serve students, academic institutions, teachers, and administrators.

A portion of it will also be applied to developing stronger alliances with the UK, the EU, Canada, Australia, and the YS.

ASL has a digital-first strategy to help students with their application-to-accommodation requirements. The site claims to have assisted more than 500,000 pupils to far.

According to the press release, the foreign student education sector is worth an estimated $200 billion, with tuition fees (about 40%) and housing (about 25%) making up the two largest categories. According to the report, 6-7 million students worldwide migrate overseas for higher education.

In terms of scope, the business claimed that UniScholars had successfully admitted students to more than 100 institutions globally while offering counselling and support services.

According to a news release, UniCreds, a branch of UniScholars, has handled more than $100mn in education loans through partnerships with banks and non-banking financial companies.

UniAcco, the second branch of UniScholars, works with property owners to provide a database of over 3.5mn beds for students in the Canada, UK, EU, and Australia.

Together with Sayantan Biswas, who had previously launched the branded rental housing firm Fella housing, Singh cofounded ASL. Singh has worked with Aditya Birla Sun Life Mutual Fund and Standard Chartered Asset Management.

Newsdesk

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