Mumbai, December 2024: FinX, an innovative skilling platform dedicated to enhancing employability in India’s Banking, Financial Services, and Insurance (BFSI) sector, has successfully raised $6 million in seed funding from Elevar Equity. This funding milestone marks a significant leap in the company’s mission to bridge the gap between formal education and industry-specific skills.
India’s education system faces a critical challenge, with the India Skills Report 2024 highlighting that over 50% of graduates are deemed unemployable due to a lack of practical and vocational skills. FinX is determined to address this disparity by providing scalable skilling solutions that align with regulatory emphasis on industry-focused education.
Pioneering Skilling Solutions for BFSI and Beyond
The $6 million funding will empower FinX to:
- Expand its geographical reach.
- Broaden its product offerings to include IT skill training.
- Enhance its technology platform to create scalable skilling solutions.
- Pursue strategic acquisitions of skilling firms in finance and technology.
FinX plans to leverage its vast network of over 1,200 empanelled trainers, offering vocational courses in collaboration with universities and colleges. The company’s ExpertMFD initiative further supports the creation of financial entrepreneurs, addressing the BFSI sector’s growing demand for skilled professionals.
“This funding allows us to strengthen our capabilities and expand into IT skilling,” said a FinX spokesperson. “We are committed to creating solutions that align education with employability, ensuring young professionals are job-ready.”
Empowering India’s Workforce Through Strategic Partnerships
Backed by its subsidiary CIEL, a leader in BFSI training for over 17 years, FinX has already:
- Partnered with 200+ colleges.
- Skilled over 10,000 students annually.
- Benefitted 200,000+ professionals through certifications and training.
“Our approach is to collaborate with universities and colleges to offer finance-focused vocational courses and joint degree programs,” a company representative explained. “We’re confident that our initiatives will help bridge the employability gap at scale.”
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About FinX
Founded in 2019, FinX connects formal education with practical skills, empowering students to excel in the BFSI sector. With plans to expand into IT training and emerging economies, FinX is at the forefront of bridging talent and opportunity gaps. Supported by a robust team of experts, FinX is redefining vocational education in India.
About Elevar Equity
Elevar Equity is a trailblazer in impact investing, providing early growth capital to entrepreneurs addressing inclusivity and scalability. With two decades of expertise, Elevar has transformed the lives of over 55 million entrepreneurial households across India and Latin America.
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