Buddy4study is a scholarship platform which claims to bring together seekers and providers of scholarships and education loans. The platform aims to foster a kind of community, resembling a village, by not only providing financial assistance and scholarships but also by offering mentoring, guidance from alumni, resources and access to teachers. By bringing together diverse stakeholders, Buddy4study aims to address challenges which students encounter while trying to secure scholarships, as the success ratio is often low at three-four percent. The platform claims to assist students who face difficulties in obtaining scholarships by linking them with suitable education loan partners, Ashutosh Burnwal, CEO, founder, Buddy4Study, told FE Education. “The fund disbursement process is transparent. Scholarships are created at the local level including children of local restaurant workers, domestic helpers and security guards, scholars are selected locally and funds are distributed transparently,” he said.

The company’snet-revenue from sales or supply of services rose 6.5% to Rs 4.69 crore in FY23 from Rs 4.4 crore in FY22, as per regulatory filings accessed by business intelligence platform, Tofler. The company’s net loss narrowed 44% to Rs 25 lakh in FY23 from Rs 45 lakh in FY22.

Buddy4Study claims to ensure that all aspects of scholarships and mentorship on the platform are entirely free for every student, with no associated costs from the commencement of their academic journey. Additionally, the platform offers premium services and memberships, providing exclusive scholarship information, personalised guidance and extra resources for a subscription fee. Consultation services are also extended to students, assisting them in understanding scholarship requirements, navigating application procedures and optimising their chances of securing scholarships. “As a revenue-generating strategy, Buddy4Study collaborates with educational institutions, governments, NGOs and corporations. These entities are charged for featuring their scholarship programmes or engaging in promotional activities on the platform, creating a sustainable model that supports the provision of free services to students,” he explained.