Varthana secures €3 million funding

Posted on by

Varthana, a non-banking finance company (NBFC) in the education sector, has secured €3 million (about ₹27 crore) funding from Triodos Investment Management through non-convertible debentures (NCD).

According to the company, the funding—provided through Triodos Fair Share Fund—will enable Varthana to further expand its reach and support more schools and students in upgrading their infrastructure, facilities, and educational foundation.

Founded by Steve Hardgrave and Brajesh Mishra in 2013, Varthana has a presence in 16 States and Union Territories, through 40 branches and 150 spokes. It has provided financing for more than 11,000 affordable private schools and has facilitated over 16,500 loans for school expansion and renovation.

The company said it aims to make education accessible to over 10 million students by 2025.

Also read: BEYOBO raises ₹6.7 crore in pre-Series A2 funding round

Commenting on this round of funding, Steve Hardgrave, Co-Founder and CEO of Varthana, said, “We are thrilled to have Triodos Investment Management on board as a partner in our journey to transform education financing in India. The funding provided to Varthana reflects a shared vision of driving positive social impact and the importance of innovative financing solutions in addressing the challenges faced by the education sector. This investment reaffirms our commitment to making quality education accessible to all and will fuel our efforts to empower more educational institutions across the country.”

Dorian Marquer, Head of Corporate Debt Asia/ECCA Triodos Investment Management, said, “We are very pleased to add Varthana to our financial inclusion portfolio. This investment shows that financial inclusion also plays a role in addressing other pressing issues, such as access to affordable quality education, which is seen as a key pillar to alleviate poverty. Education is an empowering force in the world and Varthana plays a very important role to equip children across India with the qualities and skills to shape and build their future.”

(With inputs from bl intern Nivasini Azagappan)