Venture capital firm Nexus Venture Partners has led one of the largest seed funding rounds of the year, betting on the latest startup of Prashanth Ranganathan, the former chief executive of PayU.
Ranganathan’s new venture Zinc Financial Advisors Pvt Ltd, which focuses on providing financial planning to students looking to go abroad, Tuesday said it has secured $25.5 million (Rs 214 crore) in a seed funding round. Quona Capital, EDBI, Global Ventures, and Saison Capital joined Nexus Venture Partners in funding the Mumbai-based startup that was incorporated in March.
The startup helps families plan finances for their children who wish to pursue higher studies outside the country. It claims to be supporting families build "edu-wealth" and save funds for families across various financial instruments.
"Zinc is not just about connecting students to the right universities; it’s about providing a comprehensive financial ecosystem that enables families to plan, save, and invest wisely across borders," said Ranganathan.
The company aims to become a "full-stack cross-border financial services platform". It said that SEBI has granted approval for the registered investment advisor (RIA) licence and a nod for Payment Service Provider (PSP).
"By enabling families to invest and save in foreign currencies like the USD, Zinc insulates them from rupee depreciation and ensures their savings grow in the currency of ultimate spending," the company said in a statement.