Exclusive: Education-focused NBFC Auxilo secures $6 Mn debt
Summary
Education-focused NBFC Auxilo has raised Rs 50 crore (approximately $6 million) in non-convertible debt from AK Capital Finance. This marks the first fundraise of the Mumbai-based company in 2023.The board at Auxilo has approved the allotment of 5,000 non-convertible debentures (NCDs) at an issue price of Rs 1,00,000 each for a consideration of Rs 50 crore, the companys regulatory filings with the Registrar of Companies show.The offer also includes an option for an additional subscription (green shoe option) of Rs 25 crore which will take the total to Rs 75 crore.Established in 2017, Auxilo offers student loans for pursuing education within India or abroad. It also extends loans to educational institutions for infrastructure and working capital requirements.Auxilo has raised over $100 million across equity and debt since its inception and it competes with well-funded firms such as Grayquest, Avanse Financial, Financepeer, Propelld, Leap Finance, and Eduvanz.In July last year, Auxilo scooped Rs 470 crore in a funding round led by Tata Capital. As per the startup intelligence platform TheKredible, the company raised that capital at a post-money valuation of around $250 million.Post-allotment of the round, Tata Capital owns 10.58% shares in the company while ICICI Bank has a 9.34% stake. While the company did not provide the breakup for FY23, its loan book stood at Rs 1,691 crore in the previous fiscal year.