Bengaluru, India 12thJanuary, 2024
Varthana Finance secures $ 14 million investment from Blue Earth Capital
Varthana, a
leading Non-Banking Finance Company (NBFC) in the affordable education sector,
has successfully secured a $ 14 million follow-on investment from the Blue
Earth Capitalplatform (“BlueEarth”). Varthana provides loans to affordable
private schools and students to enable them to unlock their full potential.
The investment
comprises contributions from BlueEarth managed funds and partnerships. The
additional capital will empower Varthana to expand its financial support to a
wider network of affordable private schools nationwide, aligning with its
overarching vision to enhance and transform the affordable education sector in
India.
The rise of
affordable private schools in India can be attributed to their sustainable,
low-cost model, emphasizing efficiency and quality education. Despite their
positive impact, these schools often encounter financial challenges that affect
their growth and sustainability. Over the past decade,
Varthana has played a crucial role by financing more than 9,500 affordable private schools
and facilitating over 15,000 loans for school expansion and renovation. With
a presence in 16 states/union territories and 40 branches, Varthana also
extends its services to Tier III and Tier IV cities, significantly contributing
to fostering accessible education in India.
Steve Hardgrave, the CEO of Varthana, said: "With this new investment, our commitment to
transforming education in India will strengthen further. Varthana has
consistently led efforts to bridge the access to quality education for low- and
middle-income populations through financial support to budget private schools
of India. We extend our heartfelt appreciation to Blue Earth Capital for
joining us in our mission. With this investment, we aim to aspire more young
minds in India for a better tomorrow."
Amy Wang, Head of Private Credit atBlue Earth Capital, stated: “We are excited to continue supporting Varthana, who has
been a strong partner delivering unique high-impact social outcomes while demonstrating
strong resilience throughout different market conditions. Today's follow-on
investment will empower Varthana to expand its support to a wider network of
affordable private schools as it resumed growth trajectory post COVID-19
pandemic. We believe this will have a tremendous impact on broadening the
access to quality education in low-income communities in India."
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