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Non-banking financial company (NBFC), Varthana, has raised $7 million from MicroVest, a global investment firm based out of the United States.
The NBFC focuses on the affordable education loan sector, and the investment will enable it to support and transform affordable education in rural India and provide loans to affordable private schools on a pan-India basis.
“The low-budget schools in which we invest are counting on inclusive financial services to get back to business following the unprecedented challenges faced during Covid-19. With the support of MicroVest, Varthana is now in a stronger position to play a constructive role in aiding these affordable schools. Our aim is to serve more than 10,000 schools by the end of this financial year,” said Steve Hardgrave, CEO and Co-founder, Varthana.
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“MicroVest is happy to support Varthana on its mission to help low-income students and their families in India access quality education. Varthana exemplifies the impact that any dynamic financial institution can have when given the opportunity to scale its innovations and approaches,” said MicroVest CEO Joshua Moraczewski.
The Bengaluru-based NBFC aims to make education accessible to over 10 million students by 2025. It was established in 2013, and has a presence in 15 states, through 40 branches and 150 spokes, said the company.
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