Education-centric non-banking financial corporation (NBFC) Auxilo has raised Rs 100 crore or $12 million in debt funds with Dezerv Securities contributing Rs 26.39 crore, while MAS Financial Services and CredAvenue Securities (Yubi) accounted for Rs 25 crore each.
As per its regulatory filings sourced from the Registrar of Companies (RoC), the company board has issued non-convertible debentures (NCDs) at Rs 1,00,000 apiece to raise the amount.
The debentures issued to MAS Financial and CredAvenue (Yubi) have an interest rate of 9.65% and a tenure of 36 months, while it is 9.90% and 29 months for Dezerv.
The New Delhi-based company has recently raised $33.6 million from private equity firm LeapFrog Investments contributing $30 million, and Trifecta Leaders Fund-I and Xponentia Opportunities Fund-II accounting for the rest. The recent funding looks to be separate from this fundraising.
In July 2023, Auxilo had raised $57 million from Tata Capital. So far, the company has raised around $145 million including equity and debt.
Auxilo was founded in 2017, offering student loans as well as loans to educational institutions to enhance infrastructure and manage working capital requirements.
To date, the NBFC claims to have provided over 12,000 student loans, across more than 1,100 educational institutes hailing from over 30 countries. It aims to issue loan worth Rs 25,000 crore to 150,000 Indian and overseas students in the next five years.
While the company’s financial statements for FY24 are not in yet, in FY23, Auxilo grew by 2X YoY to Rs 174 crore with its profits doubling to Rs 26 crore.
