Education loan startup Credenc has announced the acquisition of the digital content platform ObserveNow for an undisclosed amount.
The company said in a statement that the deal “would further solidify relationships across all verticals of Credenc by strengthening ObserveNow’s extensive media network, brand partners and marketing experts.”
“The association with ObserveNow will help create new business opportunities for Credenc by reaching out to colleges and students across India with its market knowledge and a strong network of partners,” the statement said.
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Credenc added that the deal will help the company build a loan portfolio of Rs 3,000 by 2025 and allow more loans for education.
Although ObserveNow continues to operate as an independent digital content arm within the Credenc group, the agreement marks the latter’s entry into new verticals.
At the same time, Credenc will provide ObserveNow with tools to expand its operations into other lines of business and produce more value-driven stories.
Commenting on the acquisition of Mayank Batheja, co-founder of Credenc, said: “ObserveNow has done a commendable job over the past two years in education and human resources. Their connection within this industry is of great value to Credenc. We are determined to raise the bar for providing financial assistance to students and professionals working across India. “
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Credenc was recently acquired by Capital India Finance Limited, a financial conglomerate through a strategic investment of $ 25 million in equities and mixed debt. Founded in 2017, the Delhi-based startup works with around 1,000 colleges in 17 cities.
“In our association with Credenc, we will focus our strategies on creating new business opportunities for Credenc, reaching colleges and students across India through our market knowledge and relationships,” said Jeet Sharma, Co-Founder and CEO of ObserveNow.
“Joining the Credenc family will help us achieve our vision and mission of delivering meaningful content to our readers. At the same time, we will accelerate our vision of expanding into all relevant market segments in a post-Covid world, “said Taniya Tikoo, Editor-in-Chief and Co-Founder, ObserveNow.
Founded in 2019, ObserveNow has a presence and content reach across multiple verticals including human resources, education, healthcare, startups and tech in India and Southeast Asia.