Varthana, a Non-Banking Finance Company (NBFC) has secured USD 15 million which comes to about Rs 120 crore in funding from BlueOrchard Microfinance Fund, managed by BlueOrchard. The company said in a press release that this funding will be utilized to further steer its lending portfolio which will provide private schools and vocational students in tier II and tier III cities with essential financial support for infrastructure enhancement and skill-based learning initiatives.
Steve Hardgrave and Brajesh Mishra Co-founded Varthana back in 2013. If we speak of the company, Varthana offers loans to affordable private schools and students who are pusuing domestic higher education in India. Furthermore, by catering to the needs of affordable private schools through financial assistance and academic support, the platform also aims to transform affordable education in India. Also to note that Varthana also aims to serve domestic students attending college, postgraduate studies and technical training/short-term courses, by providing them with loans to continue education.
As per Varthana, it intends to bridge the gap in the Indian education ecosystem by empowering affordable education institutions while at the same time improving learning deliverability for millions of students. With its innovative solutions, Varthana claims to have successfully enabled thousands of private schools to upgrade their facilities, while enhancing teaching standards; thereby driving measurable improvements in student success.
Varthana also highlighted that it has played a pivotal role by financing more than 11,000 affordable private schools and facilitating over 16,500 loans for school expansion and renovation. It also extends its services to Tier III and Tier IV cities, with a presence in 16 states/union territories and 40 branches. Going forward, the company will be focusing on making education accessible to over 10 million students by 2025.
