Capital India acquires education lending fintech Credenc Web Technologies
Indian finance conglomerate Capital India Finance said that its subsidiary — Capital India Home Loans Limited has acquired Credenc Web Technologies, an education lending fintech company, for an undisclosed price.
Credenc Web Technologies has a paid-up share capital of INR 3,40,850. The company had a turnover of INR 61.5 lakhs for the financial year 2020-21.
Capital India Finance said that the acquisition gives it new opportunities in the education financing segment.
The acquisition follows last month’s investment of $25m by Capital India Finance in the New Delhi-based Credenc Web Technologies.
Established in 2017, Credenc offers education loans for K-12 school fees, higher education, online upskilling courses, and overseas study courses at the click of a button.