Varthana Finance, a leading education-focused non-banking finance company (NBFC), has secured $10 million in funding from a fund managed by BlueOrchard Finance Ltd.
This investment marks a significant milestone for Varthana as it continues its mission to promote quality education across India.
Funding for Expansion
In a recent press release, Steve Hardgrave, CEO of Varthana Finance, expressed his enthusiasm about the funding, stating,
“With this funding, Varthana is poised to expand its reach and support to a larger network of affordable private schools, thereby accelerating our efforts to ensure quality education for every child, regardless of socio-economic background.”
Financial Assistance for Schools
Varthana Finance specializes in providing loans to private schools for various essential expenditures. These include furnishing campuses,
equipping laboratories, implementing CCTV systems for security, upgrading to smart classrooms, and acquiring vehicles for transportation purposes.
Student Loans for Higher Education
In addition to supporting private schools, Varthana Finance also offers student loans to individuals seeking financial assistance for degree and certification courses.
These loans cover tuition fees and other related expenses, enabling students to pursue their educational aspirations.
Impact and Reach
Based in Bengaluru, Varthana Finance has made significant strides in the education sector. The NBFC has financed more than 11,000 private schools and facilitated over 16,500 loans for school expansion and renovation projects.
Operating across 16 states and union territories, Varthana Finance has established 40 branches and 150 spokes to ensure widespread coverage and accessibility.
Acquisition and Previous Funding
This latest funding round follows Varthana Finance’s acquisition of the school loan portfolio of Indian School Finance Company
in March, earlier this year. The acquisition, valued at Rs 126 crore, further strengthened Varthana’s position in the education finance market.
In January 2024, Varthana Finance secured $14 million from Blue Earth Capital, demonstrating continued investor confidence
in its mission. Previous investors include Omidyar Network India and ChrysCapital, highlighting Varthana’s reputation as a trusted partner in promoting affordable education.
Conclusion
Varthana Finance’s latest funding injection underscores its commitment to advancing education accessibility in India.
With a focus on supporting affordable private schools and enabling students to pursue higher education, Varthana Finance is poised to make a lasting impact on the educational landscape of the country.
