Amongst many industries, education industry was the one which was affected the most due to Covid-19 last year and the effects can still be seen. From classrooms to online education, everything changed for the schools as well as the kids. Financepeer helped in making sure that no one is deprived of education at this time due to financial pressure. Their fee financing program helped more than 1 million people to get education even during the difficult year of 2020. Sunit Gajbhiye, co-founder, Financepeer tells us about how 2020 affected the education industry and Financepeer helped both schools as well as parents.
Last year was hard for many, how was it for you?
Last year was challenging for the entire world and the education industry got affected severely leading to the change in SOPs and the problem of fund flow in the education system. This was the time when the fee financing model came as a rescue for both schools and parents. Financepeer witnessed an exponential growth during this period and our reach of fee financing disbursals surpassed 1 million mark.
How did it affect the education industry?
The impact on the education industry was unprecedented and it resulted in industry resorting to newer dynamics with online education taking the driving seat. The liquidity in the education engine led to the crisis like situation as both parents and schools witnessed shortage of funds. Entire education landscape has seen a change and now hybrid mode of education will become new normal.
What had you planned at Financepeer for 2020 and how did you alter it after the pandemic hit?
We had planned to expand to 50 cities by the end of 2020 but due to the rising demand for fee financing service we were able to cross the 50 cities mark in the mid of the year. Once the pandemic hit and lockdown was enforced, our entire team did a war level preparedness to expand our services network so that maximum number of schools could be reached.
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