Education loan startup Credenc has announced the acquisition of digital content platform ObserveNow for an undisclosed amount.
The company said in a statement that the deal will "further solidify relationships across all verticals of Credenc by consolidating ObserveNow's extensive media network, brand partners and marketing experts."
"The association with ObserveNow will help in creating new business avenues for Credenc by reaching out to colleges and students across India through its market knowledge and a strong network of partners," the statement further read.
Also Read: Hiring sentiment for freshers seeing gradual improvement in India: Report
Credenc added that the deal will help the company build a loan book of Rs 3,000 cr by 2025 and enable more education loans.
Although ObserveNow will continue to work as an independent digital content arm within the Credenc group, the deal marks the latter's entry into new verticals.
At the same time, Credenc will provide ObserveNow with tools to expand its operations in other business verticals and produce more value-driven stories.
Commenting on the acquisition Mayank Batheja, Co-Founder, Credenc said, "ObserveNow has done commendable work in the last two years in the education space and Human Resources. Their connection within this industry is of high value to Credenc. We are determined to raise the bar on providing financial assistance to students and working professionals across India."
Also Read: Byju's acquires coding site Tynker to accelerate US expansion
Credenc was recently acquired by Capital India Finance Limited, a finance conglomerate through a strategic investment of $25 Million in mixed equity & debt. Set up in 2017, the Delhi-based startup works with around 1,000 colleges across 17 cities.
"In our association with Credenc we will focus our strategies in creating new business avenues for Credenc, reaching out to Colleges and students across India through our market knowledge and connections," said Jeet Sharma, Co-Founder and CEO, ObserveNow.
"Joining the Credenc family will help us realise our vision and mission of providing meaningful content to our readers. At the same time accelerates our vision to expand in all relevant segments in the market in a post Covid world" said Taniya Tikoo, Editor-in-Chief & Co-Founder, ObserveNow.
Founded in 2019, ObserveNow has content presence and reach across several verticals, comprising human resources, education, healthcare, startups, and technology in India and Southeast Asia.