All press

Varthana bags Rs 93 crore in Series B funding

Originally appeared in The Economic Times on April 14, 2016

BENGALURU: Varthana, a nonbanking finance company ( NBFC) that provides debt financing and solutions to private schools that enrol students from lowincome families, has secured Rs 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 Rs 2 lakh up to Rs 1 crore for a period of three to five years, and these are usually used for infrastructure development of schools.