The study-abroad platform Adventum Student Living (ASL), which owns the UniAcco, UniCreds, and UniScholars brands, announced on Monday that it had secured $5 million in a bridge equity transaction, led by new investor Cornerstone Venture Partners Fund (CSVP Fund).

Returning investors made up the remaining members of the investment round; when asked to provide their identities to ET for comment, the company declined.

The business, with its headquarters in Mumbai, plans to raise $20 million in its Series B financing, according to the release.

The firm, which was established in 2019, had previously secured $5 million in a round labeled pre-series B from investors including Vikas Phadnis, a co-founder of EuroKids, and Suresh Pareek, the founder and general director of the pharmaceutical company Ideal Cures.

How the money will be used

According to a statement from Adventum Student Living, the recent infusion of funds would enable the company to broaden its product line to better serve the needs of colleges, universities, teachers, and administrators. Additionally, it will be utilized to develop stronger alliances with the UK, EU, Canada, Australia, and US.

Using a digital-first approach, ASL is a unified platform for managing the student lifecycle and helping students from application to lodging. Over 500,000 kids have reportedly benefited from the site as of now.

According to the statement, the foreign student education sector is worth approximately $200 billion, with tuition costs accounting for roughly 40% and lodging for around 25% of that total. According to the statement, over 6-7 million, students worldwide migrate abroad for higher education.

In terms of scope, the business claimed that UniScholars has successfully admitted students to more than 100 universities globally while offering counseling and support services.

Student housing and education loans

Through partnerships with financial institutions in the banking and non-banking sectors, UniCreds, a division of UniScholars, has arranged education loans totaling more than $100 million.

By cooperating with property owners, UniAcco, the second branch of UniScholars, provides a database of more than 3.5 million beds for students in the UK, EU, Canada, and Australia.

“Despite the financial difficulties caused by COVID-19, when many of our competitors were fighting for existence, our company flew through the market turmoil and has since achieved an incredible 300% y-o-y growth. On our platform, we’ll keep streamlining student journeys, and we’ll expand our selection of products internationally. ASL’s founder and CEO, Amit Singh, remarked

ASL was co-founded by Singh and Sayantan Biswas, a former banker who worked for Standard Chartered Asset Management and Aditya Birla Sun Life Mutual Fund. Biswas had previously created the business for branded rental homes, Fella Homes.