As Education Technology continues to revolutionize the way we learn, EdTech unicorn Physics Wallah has teamed up with Rang De, India’s leading peer-to-peer lending platform, to launch its first education-focused fund, the Physics Wallah Fund. This innovative partnership aims to provide students access to affordable, collateral-free education loans tailored specifically for PhysicsWallah Institute of Innovation (PW IOI).
The PW IOI is a four-year residential program focused on Computer Science and AI, and the new fund created by Rang De and Physics Wallah will give students access to an average of Rs three to Rs four lakh worth of loans. These loans will be funded through investments by social investors on Rang De’s platform, and can be repaid upon completion of the program.
Commenting on the partnership, Co-founder & CEO of Rang De, Smita Ram said: “At Rang De, we believe that quality education is a fundamental right for everyone, regardless of their financial situation. We are committed to democratizing access to credit and empowering people to improve their lives. This partnership is an important step towards achieving our mission and transforming the landscape of education accessibility.”
Prateek Maheshwari, Co-founder of Physics Wallah, added: “Our aim is to make quality education accessible to all, and this collaboration is a major step towards achieving this goal. With the help of the Physics Wallah Fund, we can make education more accessible and foster educational equality.”
Rang De was founded in 2008 with the mission of revolutionizing credit availability and enabling last-mile financial inclusion. The platform uses empathy and technology to allow users to invest in first-time borrowers, such as farmers, entrepreneurs, and students from low-income households. It offers an opportunity for individuals to make social investments, which is an instant hit among the global Indian community.
Physics Wallah, founded by Alakh Pandey and Prateek Maheshwari, began as a YouTube channel in 2016 to coach JEE and NEET aspirants. The platform has since expanded to offer online courses, as well as offline and hybrid coaching through its Vidyapeeth and Pathshalas across India. After raising $100 million in its first round of funding at a valuation of $1.1 billion, the firm became India’s 101st unicorn in June 2022.
This partnership between Rang De and Physics Wallah is a major step forward for Education Technology. By providing access to affordable, collateral-free education loans, the two companies are working together to create a lasting impact and democratize access to education.
