Eduvanz, one of India’s leading fintech companies, has partnered with Flipkart, India’s home e-commerce marketplace, to offer easy financing solutions on the purchase of electronic learning devices to students across the country. This is part of Flipkart’s Back to College program which aims to fulfil the educational needs of millions of students as they begin their classes virtually this year. Under this partnership, Eduvanz will provide easy EMI loans for the purchase of elearning tools such as laptops, tablets and smartphones to students while building their credit history.
Since the onset of the pandemic, learning has moved online and this online model has compelled millions of learners and students across the country to adapt to the new phygital model. This delivery mode has given a new dimension to the utility of gadgets such as laptops, tablets and smartphones and they have evolved into a classroom from being a source of entertainment in the past year. For Flipkart, nearly 40-45% of the demand for electronic essentials come from the student cohort, in a testament to the growing participation of students in shaping the industry.
Varun Chopra, CEO, Eduvanz, said, “The pandemic has led to a tectonic shift in the Indian learning and education system. With the adoption of the phygital model, India is at the cusp of a technology driven learning revolution. On the upside, this device based delivery mode has provided the solution for pandemic induced challenges but the lack of affordable financing options has brought learning to a halt for millions of students across the country. As India’s leading lender for learners, we are committed to making learning and education accessible to all. Through our partnership with Flipkart, we aim
to cater to the digital learning needs of Indians across all categories.”
With the Indian online education sector poised to grow to USD $ 8.6 Billion by 2026, the need for e-learning tools and gadgets is bound to increase exponentially as Indian learners will embrace the new mode of education. Rakesh Krishnan, Senior Director, Electronics at Flipkart said, “We have been at the forefront of meeting the evolving needs of millions of our customers across the country and have established a platform offering the widest selection of products, doorstep delivery and affordable payment options. As the learning scenario in the country undergoes an overhaul, we are working with our partners to bring a variety of solutions for the students to enhance their learning potential in an affordable manner. In
this pursuit, we are excited to partner Eduvanz to offer easy financing solutions to them in order to fulfil their online learning needs”.
As per the NSO report only one in ten households in India have a computer-whether a desktop, laptop or tablet. However, almost a quarter of houses have internet facilities accessed via a fixed or mobile network using any device, including smart phones. Lack of affordable financing options is further widening this gap leading to the digital divide. At the same time, online education offerings for classes 1 to 12 are projected to increase 6.3X by 2022 from the base of 2019,” according to an industry report. It added that the post K-12 market is expected to grow 3.7X to touch $1.8 billion. At times like this it is important for fintechs and lenders to come forward to bridge the gap of affordability and accessibility.