Through education-related social bonds, the fintech platform Varthana has secured a $2.5 million loan investment from Symbiotics Investments.
The firm said it would make private schools in suburban and rural areas more affordable by using the new money to finance facility construction and equipment acquisitions. Varthana also announced in a statement that it would lend money to students for vocational training.
A non-banking financial services company (NBFC) called Varthana was established in 2013 by Brajesh Mishra and Steve Hardgrave. It provides education loans to colleges and students.
Commenting on the funding, Varthana CEO and cofounder Hardgrave said, “We are thankful to Symbiotics for their support, which enhances Varthana’s ability to play a constructive role in helping with the post-COVID-19 recovery and ongoing improvement of schools throughout the country.”
This is Varthana’s second fundraising event of the year. It received a $7 Mn loan financing in January from the US-based international investment firm MicroVest. It was stated back then that the money would be utilized to expand credit options for low-cost private schools affected by disruptions brought on by the pandemic. Varthana has raised a total of $97.1 Mn in funding since the company was founded.
According to Varthana, quick loans and support tailored to the needs of low-cost private schools mean that they can access significant resources without having to go through a drawn-out and challenging process.
Varthana is located in Bengaluru. Since its establishment in 2013, they have expanded to 40 outlets across India and 15 states with the aim of revolutionizing accessible education. With reasonable school loans and education loan finance choices, they support students and affordable private schools. Their loans are tailored to fit a wide range of initiatives that assist school administrators in realizing the full potential of their institutions as well as aid college-bound students in completing their academic objectives.