Non-Banking Finance Company (NBFC) Varthana Finance has secured $14 million from Blue Earth Capital to extend its financial assistance to a vast network of affordable private schools across India. The funds will be used to continue Varthana’s efforts to bridge the access to quality education for low- and middle-income populations through financial support to budget private schools in India.
“Varthana has led efforts to bridge the access to quality education for low- and middle-income populations through financial support to budget private schools of India. With this investment, we aim to aspire more young minds in India for a better tomorrow,” said Steve Hardgrave, CEO of Varthana.
The Bengaluru-headquartered company offers financial assistance in the form of loans to affordable private schools and students. Over the past decade, Varthana claims to have provided financial support to more than 9,500 private schools, facilitating over 15,000 loans for school expansion and renovation. It also extends services to Tier III and Tier IV cities, making contributions to promote accessible education in India.
“We are excited to continue supporting Varthana, which has been a strong partner delivering unique high-impact social outcomes while demonstrating strong resilience throughout different market conditions. Today’s follow-on investment will empower Varthana to expand its support to a wider network of affordable private schools as it resumed growth trajectory post COVID-19 pandemic,” said Amy Wang, Head of Private Credit at Blue Earth Capital.
Founded in 2013, Varthana operates in 16 states and union territories, with 40 branches and 150 spokes. The organization is dedicated to offering affordable education in India by providing financial assistance and academic support to affordable private schools.
