NBFC Varthana has Raised $15 Million in Funding

Non-Banking Finance Company (NBFC) Varthana has raised $15 million (about Rs 120 crore) from the BlueOrchard Microfinance Fund, managed by BlueOrchard.

Funding Utilisation

The funding will help Varthana expand its lending services to private schools and vocational students in smaller cities (Tier II and Tier III). The money will be used to support infrastructure improvements and skill development programs for students, Varthana said in a press release.

Yan Kit Lee, Head of Originations, Asia, at BlueOrchard Investments (Singapore) Pte Ltd said, “This facility represents BlueOrchard and Varthana’s mutual commitment and recognition of inclusive education’s crucial role in achieving sustainable development, and uplifting the future generations of India,”.

Varthana was co-founded in 2013 by Steve Hardgrave and Brajesh Mishra. The company provides loans to affordable private schools and students pursuing higher education in India.

Varthana aims to improve affordable education in India by helping private schools with financial support and academic resources. It also offers loans to students in college, technical courses, and postgraduate studies to help them continue their education.

Varthana's goal is to close the education gap in India by supporting affordable schools and improving learning outcomes for millions of students.

Varthana says its solutions have helped thousands of private schools improve their facilities and teaching, leading to better student success.

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The company has financed over 11,000 affordable private schools and provided more than 16,500 loans for school expansion and renovation. With operations in 16 states and 40 branches, Varthana also serves smaller cities (Tier III and IV). The company plans to make education accessible to over 10 million students by 2025.

Steve Hardgrave, CEO of Varthana, in a statement said, “These funds will allow us to reach more schools and families, enabling them to access the resources they need to create impactful learning environments,".

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