Through External Commercial Borrowing (ECB) and Non-Convertible Debentures (NCD) instruments, Varthana, a Non-Banking Finance Company (NBFC) with an emphasis on education, has obtained a debt investment of Rs 159 crore. The total comes from three global investors—BlueEarth Capital, Franklin Templeton Alternative Investments (Franklin Templeton AIF), and ResponsAbility—including impact investors.
BlueEarth Capital contributed Rs 69 crore, ResponsAbility contributed Rs 65 crore, and Franklin Templeton AIF contributed Rs 25 crore to the total investment.
The Bengaluru-based business had previously raised $89.5 million from Omdiyar Network and other sources.
According to a press release from Varthana, the new funding will be used to expand the network of reasonably priced private schools throughout India by providing creative and improved access to solar and renewable energy solutions in classrooms.
Varthana, a non-banking financial company (NBFC) co-founded in 2013 by Steve Hardgrave and Brajesh Mishra, specializes in offering financial solutions to students pursuing higher education and affordable private schools. The platform provides loans for student education, teacher training, and the improvement of school infrastructure. By collaborating with educational institutions and students, it seeks to revolutionize accessible education in India.
Steve Hardgrave, CEO of Varthana, said, “Varthana is pleased to partner with Blue Earth Capital, Franklin Templeton AIF, and ResponsAbility in our efforts to drive impactful change in the education sector and make quality education accessible to all across India”.
Varthana says that in the last ten years, it has helped more than 19,000 students get school loans for renovations and expansions and supported more than 12,000 affordable private schools. It provides high-quality education to underprivileged communities in India by operating in 16 states and union territories and operating a network of 40 branches that also serve schools in tier II and tier III cities.
