The BlueOrchard Microfinance Fund, which is managed by BlueOrchard, has provided $15 million (roughly Rs 120 crore) in funding to Non-Banking Finance Company (NBFC) Varthana.
According to a press release from Varthana, the money raised will be used to increase the lending portfolio and give private schools and vocational students in tier II and tier III cities the critical funding they need for projects involving skill-based learning and infrastructure improvement.
Varthana, which was co-founded in 2013 by Steve Hardgrave and Brajesh Mishra, lends money to students pursuing domestic higher education in India as well as to reasonably priced private schools. By providing financial aid and academic support to affordable private schools, the platform seeks to revolutionize affordable education in India.
Additionally, it seeks to assist domestic students pursuing postgraduate studies, technical training/short-term courses, and college by offering loans to support their further education.
Varthana claims that it aims to improve learning outcomes for millions of students and empower affordable education institutions in order to close the education gap in India. It asserts that by providing creative solutions, it has helped thousands of private schools improve their facilities and raise teaching standards, resulting in quantifiable gains in student achievement.
By funding more than 11,000 reasonably priced private schools and enabling more than 16,500 loans for school expansion and renovation, Varthana claims that it has played a significant role. It offers its services to Tier III and Tier IV cities and has 40 branches spread across 16 states and union territories. By 2025, the company wants more than 10 million students to have access to education.
