Varthana Bags .₹ 93 cr in Se­ries B

The Economic Times - - Disruption: - J.Vig­nesh@ times­group.com

Bengaluru: Varthana, a non­bank­ing fi­nance com­pany (NBFC) that pro­vides debt fi­nanc­ing and so­lu­tions to pri­vate schools that en­rol stu­dents from low­in­come fam­i­lies, has se­cured .₹ 93 crore ($14 mil­lion) in Se­ries-B funds from a clutch of in­vestors led by Kaizen Pri­vate Equity and Ze­phyr Pea­cock In­dia. Steve Hard­grave CEO of Varthana said, ex­ist­ing in­vestors El­e­var Equity, LGT Ven­ture Phi­lan­thropy and Omid­yar Net­work also par­tic­i­pated in the fund­ing round.

Uni­tus Cap­i­tal was the sole ad­vi­sor to Varthana on the trans­ac­tion, Hard­grave said, adding that the money will be used to re­fill their cof­fers. “We are thrilled to have such a great set of in­vestors

who are aligned with our vi­sion to im­prove the qual­ity of af­ford­able ed­u­ca­tion in the coun­try. Their ex­pe­ri­ence and sup­port will be valu­able as we ex­tend our branch net­work, en­hance our tech­nol­ogy back­bone and ex­pand our ‘be­yond loans’ ini­tia­tives over the com­ing years,” Hard­grave said.

Varthana pro­vides loans from .₹ 2 lakh up to .₹ 1 crore for a pe­riod of three to five years, and these are usu­ally used for in­fra­struc­ture devel­op­ment of schools.

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