Best Place To BuildJEE Prep LIED to You: Here's Why You Need To BUILD a Career After JEE | Propelld CEO on BP2B S2 Ep.5
CHAPTERS
Propelld in one sentence: education loans at scale with low NPAs
The host sets the stage at IIT Madras and introduces Victor Senapaty, CEO & Co-founder of Propelld. Victor quickly outlines Propelld’s scale (AUM, student count) and highlights a standout metric: very low NPAs compared to typical industry levels.
Why Propelld underwrites education differently than a personal loan
Victor explains the company’s founding thesis: education is an ‘investment’ and, in India, a family-level decision—unlike many consumption-driven personal loans. Propelld therefore evaluates intent and ability through academic track record and institute/course outcomes rather than only current income/credit history.
Making underwriting scalable: standardizing institute & outcome risk
The host challenges the practicality of assessing academic performance at national scale, given varying boards and mark sheets. Victor responds that Propelld optimizes ‘wholesale risk’ by building confidence in institute/course outcomes rather than trying to pick individual winners everywhere.
Victor’s pre-Propelld ‘practical MBA’: three startups before fintech
Victor traces his entrepreneurial path through three very different ventures that built his learning curve: a portable planetarium business (Astroworks), hyperlocal grocery delivery (StockUp), and an apparel brand (Pristine Cut). Each venture taught distinct lessons about product, scaling, and unit economics.
Co-founders and long friendships: from school, Kota, IIT to building together
Victor describes how founding relationships formed long before the company—through school in Bhubaneswar, Kota prep, and IIT journeys. He also addresses the psychological challenge of repeatedly choosing startups over a safer job path.
The idea and mission: affordability gaps and education as a ‘social expense’
Propelld’s origin is tied to rising education costs and the risk of excluding capable students. Victor links the company’s mission to the broader societal value of education (inspired by Milton Friedman’s framing) and contrasts India’s trajectory with the U.S. student debt problem.
Getting to IIT Madras: counseling, the ‘beach myth,’ and campus realities
Victor recounts how he chose IIT Madras over closer options like Kharagpur—driven by a senior’s pitch and parental beliefs about South Indian academic discipline. The segment blends nostalgia and realism about campus life (including the famous ‘lost bicycle’ trope).
JEE coaching’s ‘admission is the goal’ myth—and why it hurts careers
The discussion turns into the episode’s core message: JEE preparation often frames IIT admission as the finish line. Victor argues this mindset creates complacency; students need structured reorientation to view IIT as a powerful starting platform for building careers and projects.
Placements as a reality check: from objective scores to subjective evaluation
Victor describes how stressful placements are—especially for students used to single-number evaluation (JEE rank/CGPA). He explains the sudden need to manage multiple parameters (communication, grooming, cases, coding) and how that realization pushed him to take growth more seriously.
MBA at FMS and the pivot to entrepreneurship: impatience with traditional careers
Victor shares how he pursued an MBA to fully exploit a new platform—joining projects and global finance competitions. He then recounts joining investment banking, feeling disillusioned with early-career work, and deciding that his ‘impatience’ was better directed toward building companies.
Propelld’s early execution: cold-calling institutes and piloting in Kolkata
Victor explains Propelld’s initial go-to-market: direct outreach to institutes, many rejections, then one forward-looking institute partner in Kolkata. Being physically present at a single institute made underwriting simpler and enabled rapid iteration on a small-ticket upskilling loan product.
Scaling from 3 founders to 300+ people: signal vs noise and long-term focus
Victor reflects on how scaling changed both him and the organization—from a tiny office to a 300–350 person team. The key leadership evolution was learning to separate signal from noise, choose a few priorities, and align the entire organization to row in one direction.
Crisis as advantage: pandemic surge and leapfrogging competitors
Contrary to typical lender fears during COVID, Propelld doubled down based on its belief that people invest more in education during uncertainty. Victor describes tough board discussions, the validation through stable NPAs, and how this period helped Propelld leapfrog better-funded competitors.
The BYJU’S meltdown: why core principles protected Propelld and reset trust
Victor explains how BYJU’S collapse affected the broader edtech and lending ecosystem by eroding trust and creating large losses for lenders. Propelld avoided exposure because the product-risk didn’t fit its underwriting principles, and used the moment to reinforce its role as a trust-builder for education finance.
How fintech lending evolved in India: regulation cycles and tech’s real role
Victor outlines fintech’s evolution through regulatory and infrastructure phases: early digital rails (eKYC, experimentation) enabled rapid growth, followed by crackdowns due to abuses (illegal apps, collection malpractices). The industry has shifted back to more NBFC-like models, using tech primarily for better risk systems and operational efficiency.
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