Peer-to-peer social investing platform, Rang De, has partnered with unicorn ed-tech startup Physics Wallah to launch its first education-focused fund called the Physics Wallah Fund. The partnership aims to provide accessible and affordable student loans for industry-relevant education, an official release said.
Under this partnership, students from economically disadvantaged backgrounds will have the opportunity to access affordable, collateral-free education loans specifically designed for Physics Wallah’s Institute of Innovation (PW IOI), a four-year residential programme in Computer Science and AI.
Through this partnership, both Rang De and Physics Wallah will be able to expand education opportunities and act as a catalyst for fostering educational equality. The joint commitment aims to create a lasting impact by transforming the landscape of education accessibility.
“We at Rang De believe that quality education is a fundamental right for every individual, regardless of their financial situation. Since its inception, we have been committed to democratising access to credit and empowering people to improve their lives. Aligned with the core values of our platform, we firmly believe that this partnership can usher in significant transformation within the realm of education,” Smita Ram, CEO, Rang De, said.
The collaboration will enable each student to access an average of Rs three to Rs four lakh worth of collateral-free loans through funds invested by social investors (lenders on Rang De’s platform), which can be repaid upon the completion of the course. “This partnership is a pivotal step towards realising our mission of democratising education at scale in India,” Prateek Maheshwari, co-founder, Physics Wallah, said.