Image Credit: Varthana
Varthana, a leading non-banking finance company (NBFC) in the affordable education sector, has announced the successful securing of a $10 million investment from a fund managed by the esteemed impact investor, BlueOrchard Finance Ltd. This investment marks a significant milestone in Varthana’s journey towards enhancing the accessibility of quality education across India.
Varthana’s primary focus lies in providing loans to affordable private schools and students, thereby empowering them with the necessary resources to enhance the affordability and quality of education. The recent funding infusion arrives at a crucial juncture as Varthana endeavors to amplify its impact within the education sector.
Steve Hardgrave, the CEO of Varthana, expressed his enthusiasm regarding this investment, stating, “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, also commented on the investment, emphasizing the mutual commitment between BlueOrchard and Varthana towards inclusive education and sustainable development in India.
Varthana has already made substantial strides in its mission, having 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 along with 40 branches, Varthana’s impact extends to Tier III and Tier IV cities, significantly contributing to fostering accessible education throughout India.
Founded in 2013 by Steve Hardgrave and Brajesh Mishra, Varthana has been dedicated to providing financial assistance to students and low-budget private schools, enabling them to leverage digital learning tools and improve educational outcomes. By empowering these educational institutions with the necessary financial resources, Varthana aims to catalyze positive change and enhance the quality of education provided to millions of students from marginalized communities.
This recent funding of $10 million comes as part of Varthana’s continuous efforts to scale its operations and expand its reach within the education sector. It follows closely on the heels of previous funding rounds, including a $14 million raise earlier this year and a debt funding of $2.5 million from Symbiotics Investments last September. Varthana also secured $7 million in funding in January 2023 from MicroVest to scale up credit facilities for low-budget private schools.
Looking ahead, Varthana is steadfast in its commitment to making education accessible to over 10 million students by 2025. With assets under management exceeding Rs 1200 crore, Varthana is well-positioned to drive positive change and foster inclusive education across India.
