Varthana aims to boost its efforts in providing accessible financing solutions to a wider network of affordable private schools across India with this investment.
Varthana, a non-banking finance company (NBFC) in the affordable education sector, has successfully secured a $10 million investment from a fund managed by an impact investor, BlueOrchard Finance Ltd. Varthana provides loans to affordable private schools and students to enhance the affordability of quality education.
This funding infusion comes at a pivotal moment for Varthana as it seeks to expand its reach and impact within the education sector. With this investment, Varthana aims to boost its efforts to provide accessible financing solutions to a wider network of affordable private schools across India.
Steve Hardgrave, the CEO of Varthana, said: "This investment is a testament to our shared vision of creating meaningful impact through education. With this funding, Varthana is poised to expand its reach and support to a larger network of affordable private schools, thereby accelerating our efforts to ensure quality education for every child, regardless of socio-economic background."
Chloe Fu, Investment Officer (Southeast Asia and South Asia) at BlueOrchard Investments (Singapore) PTE Ltd, said, “This investment represents BlueOrchard and Varthana’s mutual commitment and recognition of inclusive education’s crucial role in achieving sustainable development and uplifting the future generations of India."
Varthana has financed more than 11,000 affordable private schools and facilitated over 16,500 loans for school expansion and renovation. With a presence in 16 states and union territories and 40 branches, Varthana also extends its services to Tier III and Tier IV cities, significantly contributing to fostering accessible education in India, as per a company statement.