Zenda has raised a $9.4 million oversubscribed seed round. The companies like STV, COTU, Global Founders Capital, and VentureSouq have participated in the funding round.
The startup currently addresses problems around the payment of school fees, which contains the lack of satisfaction and flexibility in payment options for parents and the poor collection of payments for schools.
Zenda, a Bengaluru and Dubai-based fintech app is going to utilize the funds for product development and market expansion in India.
With the help of Zenda, families can track due payments and make payments through a multitude of pay-now and pay-later options and can grab the rewards for paying on time. The startup amalgamates with schools through its exclusive data model and APIs.
Zenda was founded by Raman Thiagarajan and Haseeb Ahmed in June 2021, where Raman handles the firm’s financial services practice in the MENA region.
In the future, it aims to make it free-hand for families to manage money related problems and to enable their financial wellness through tailored banking and financial experiences.
CEO and Founder of Zenda, Raman Thiagarajan said, “Since our launch, feedback from the market, especially from our users, has been terrific. Over the past months in India, we have built a pipeline of more than 1000+ institutions and are immensely grateful for their trust. It is gratifying to see the response from parents and seeing how they have embraced our service. Zenda schools are witnessing a systematic increase in their collections. We have a truly outstanding team and I feel privileged to have such a passionate group with us on this journey.”
Ihsan Jawad, General Partner at STV, said, “Seeing their strong traction over the past several months, we couldn't be more excited about Zenda. India and the GCC are a $100+ billion market for private education fees. They have built an outstanding team and we look forward to working with them in helping Zenda achieve its mission.”