Varthana, a Non-Banking Finance Company (NBFC) specializing in school finance, has raised $3 million (Rs 27 crore) in funding from Triodos Investment Management through non-convertible debentures (NCD).
The funds will be utilized to expand Varthana’s reach and support more schools and students in enhancing their infrastructure, facilities, and educational foundation.
Founded in 2013 by Steve Hardgrave, Varthana Finance operates as an NBFC, providing credit to low-budget private schools and students pursuing higher education in India.
Operating across 15 states, Varthana caters to over 8,500 schools and benefits four million students. The company has disbursed over 15,000 loans and established partnerships with more than 750 loan institutions.
Despite experiencing a decline in scale over the last two fiscal years, with revenue dropping from Rs 211 crore in FY21 to Rs 183 crore in FY23, Varthana remains focused on its mission to empower educational institutions and students across India.
Triodos Investment Management, based in the Netherlands, focuses on impact investing in sectors such as food, resources, energy, society, and wellbeing. As a wholly owned subsidiary of Triodos Bank NV, it operates globally as an impactful investor.
This investment from Triodos Investment Management underscores Varthana’s commitment to driving positive change in the education sector and marks a significant milestone in its journey towards empowering educational institutions and students nationwide.
