WeMakeScholars is a startup from India that helps students find scholarships and education loans for studying abroad. The idea behind WeMakeScholars came from the founders' own struggles and experiences.
Damini Mahajan and Arjun Krishna, the founders of WeMakeScholars, had a clear vision to help students access global education opportunities. They started by creating social media groups on Facebook to share information about scholarships and study abroad programs. These groups quickly gained popularity, growing to over 150,000 users[1].
Their vision was to connect students with the right people and the right opportunities. As Damini said, "Connect with the right people and the right opportunities" best describes their mission of becoming the world’s go-to platform for aspiring scholars.
Their early days involved a lot of hard work and dedication. They used their own experiences and knowledge to help others, which eventually led to the creation of WeMakeScholars.com.
Damini Mahajan and Arjun Krishna are the founders of WeMakeScholars. They both graduated from the University of Sheffield, UK. During their time at university, they faced difficulties in finding scholarships for their master’s degrees. One of them received the prestigious UK Government’s Queen’s Diamond Jubilee Scholarship, and the other received the “Developing Solutions Scholarship”.
These experiences motivated them to help other students. After completing their degrees, they decided to capitalize on the online community they had built and start an education company focused on global students.
Their background in education and personal struggles with finding scholarships gave them a deep understanding of the needs of students looking to study abroad.
WeMakeScholars has evolved significantly since its inception. From a simple social media group to a comprehensive platform, the company has grown to serve a global student community.
The initial concept of WeMakeScholars was born out of social media groups on Facebook. These groups were very popular, but the founders realized that a dedicated platform was needed to keep the content organized and user-friendly[1].
In 2015, they launched WeMakeScholars.com, which quickly became one of the most comprehensive search and discovery platforms for scholarships and internship opportunities. The platform is designed to be very user-friendly, helping students find relevant information easily[1].
Today, WeMakeScholars is accessed by students from nearly 200 countries, with over 2 million page views in just five months. The platform has also expanded to include education loans support, which was initiated as a free-of-cost service in 2016[1][2]).
WeMakeScholars has achieved several key milestones since its inception.
WeMakeScholars has expanded its product portfolio beyond just scholarships.
The platform now includes education loans support, which is a critical component for many students. This service helps students arrange finance through scholarships and education loans, making it easier for them to study abroad[2][5]).
In addition to scholarships and education loans, the platform provides detailed information about courses, universities, and countries, based on first-hand experiences from other students. This information is shared through a popular blog that contributes to the platform's user engagement[1]).
WeMakeScholars relies on a robust technology infrastructure to support its operations and provide a seamless user experience.
The core platform of WeMakeScholars is built using various technologies such as JavaScript, HTML, and PHP. These technologies help in creating a user-friendly and efficient platform[2]).
The platform is designed to be flexible and scalable, allowing it to handle a large number of users and page views. It also supports multiple features like search and discovery for scholarships and education loans[1][2]).
The architecture includes tools for managing data and ensuring that users can find relevant information quickly and easily.
WeMakeScholars takes security and compliance very seriously.
The platform follows strict security protocols to protect user data. This includes ensuring that all transactions and interactions on the platform are secure and compliant with relevant regulations[2]).
The company also complies with industry standards for data protection, ensuring that user information is safe and secure.
WeMakeScholars has been innovative in the education technology sector.
By creating the world's biggest database of international scholarships, WeMakeScholars has set a benchmark in the industry. The platform's ability to connect students with the right opportunities and provide detailed information about study abroad programs is a significant innovation[2]).
The company's approach to education finance, combining scholarships and education loans, has also been a game-changer for many students. This holistic approach helps students in a more comprehensive way, making it easier for them to pursue their educational goals abroad[5]).
WeMakeScholars has made a significant impact in the education finance market in India. Here’s a closer look at their achievements.
WeMakeScholars has seen remarkable growth in its user base since its inception in 2015. The platform has helped over a million students register for scholarships and around 100,000 students have sought help for education loans[7].
The user base growth can be attributed to the comprehensive services provided by WeMakeScholars. Students from all over India and abroad use the platform to find scholarships and education loans. The ease of use and the free services offered have made it a go-to platform for students seeking financial aid for their higher studies.
The founders, who themselves struggled to find scholarships for their master's studies, understood the need for a centralized platform. This understanding has driven the growth of WeMakeScholars, making it India’s largest education finance platform.
WeMakeScholars has expanded its market share significantly by partnering with multiple lenders and offering a wide range of financial products.
The company works with over 15 lenders, including public and private banks, as well as Non-Banking Financial Companies (NBFCs). This diverse network allows WeMakeScholars to offer a variety of education loan options to students, making it a market leader in the education finance segment[6].
The expansion is also due to the online application process, which simplifies the loan application and sanctioning process. This has reduced the processing time by 50% compared to traditional bank processes, making WeMakeScholars a preferred choice for students and parents.
WeMakeScholars has been instrumental in promoting financial inclusion by providing access to education loans and scholarships to a wide range of students.
The platform offers free services to students, which includes expert guidance on loan applications and negotiations with lenders. This ensures that students from all financial backgrounds can access higher education without financial constraints.
WeMakeScholars also provides cashback offers and other incentives to students, further reducing the financial burden. The online presence of the platform makes it accessible to students from all parts of the world, promoting global education opportunities.
WeMakeScholars has experienced significant financial growth since its inception.
WeMakeScholars has seen tremendous revenue growth over the years. The company processed about 5,000 Cr in the last academic year and is expected to touch 10,000 Cr in the current year[6].
The revenue growth is a result of the increasing number of students using the platform for education loans and scholarships. The company’s ability to streamline the loan application process and its partnerships with multiple lenders have contributed to this growth.
In addition, WeMakeScholars has expanded its services to include loan transfers, which has further boosted its revenue. The loan transfer calculator on their website helps students calculate potential savings, making the service more attractive.
WeMakeScholars has been on a path to profitability, driven by its efficient operations and growing user base.
The company’s EBITDA has increased by 262.53% over the previous year, and its book net worth has increased by 251.83%[8]). This indicates a strong financial health and a clear path towards sustained profitability.
The free services provided to students are supported by the Ministry of Electronics and Information Technology, under the Digital India Initiative. This support helps in reducing operational costs and focusing on expanding the user base and services.
WeMakeScholars has received significant support and funding from various sources.
The company is funded and supported by the Ministry of IT, Government of India, under the Digital India Initiative. While specific details on investment rounds and valuations are not publicly disclosed, the estimated annual revenue of $11.9M indicates a strong financial standing[7]).
The company’s valuation is reflected in its growing employee base and expanding services. From 70 to over 190 employees, WeMakeScholars has more than doubled its team size in a year, indicating robust growth and investor confidence.
WeMakeScholars has formed several strategic partnerships to enhance its services.
WeMakeScholars collaborates with multiple banks and NBFCs to offer a wide range of education loan options.
The company works with public banks like State Bank of India and Bank of Baroda, as well as private banks and NBFCs. These collaborations enable WeMakeScholars to provide students with various loan options tailored to their needs[6][9]).
The partnership with Axis Bank, for example, allows students to transfer their existing loans to Axis Bank, benefiting from lower interest rates and better terms. This is facilitated through WeMakeScholars’ online platform, making the process efficient and user-friendly.
WeMakeScholars partners with various educational institutions and consultancies to reach a broader audience.
These partnerships help in generating quality leads and promoting the education loan products among the student network. Local admission consultancies and educational institutions are key partners in this initiative, ensuring that the services reach the right audience[6]).
The partnerships also include collaborations with international universities and educational bodies, facilitating global education opportunities for Indian students.
WeMakeScholars leverages technology to streamline its services and improve user experience.
The company uses an online platform to manage loan applications, document submissions, and loan sanctioning processes. This technology enables quick processing times, often within 7-20 days, depending on the lender[9]).
The use of a loan transfer calculator is another example of how WeMakeScholars uses technology to help students make informed decisions about their loans. This calculator helps students calculate potential savings if they transfer their existing loan to a different lender.
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