Varthana secures €3 million funding
Summary
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 fundingprovided through Triodos Fair Share Fundwill 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.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 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.