Auxilo Finserve raising $30m from LeapFrog Investments
Summary
This round will also see participation from existing investors Trifecta Leaders Fund-I and Xponentia Opportunities Fund-II.Rising tuition fees and the increasing cost of accommodation and academic necessities, mean the aspiration of pursuing higher education is often unattainable for many Indian students, especially those from low- and middle-income households. This investment, along with continued support from our existing investors, will enhance our ability to support students in achieving their academic dreams, said Neeraj Saxena, MD and CEO at Auxilo.The new round of capital infusion will be utilised to expand customer reach, enhance student funding, incorporate technological infrastructure across business processes, and boost the companys institutional lending segment.Stewart Langdon, Partner and Co-Head of Asia Financial Services at LeapFrog Investments, said: LeapFrog is dedicated to supporting springboards into prosperity across a range of sectors in India from finance and insurance, to healthcare and clean technologies. We look forward to working with Neeraj and the team.Auxilos Loans and advances have grown at 75% CAGR (Compound Annual Growth Rate) during FY21-24 and stand at INR 2,878 crore as of March 31, 2024. Auxilos rapid growth has been accompanied by rigorous risk management, maintaining excellent asset quality, while creating value for all stakeholders. Auxilos 350 employees operate out of seven branch offices, offering loans to customers across India.Auxilo has entered into definitive agreements with the investors and the closing of the transaction will happen in the near future.