New Delhi/Chennai, January 05, 2023: Varthana, a non-banking financial company (NBFC) pioneer in the affordable education loan sector, has raised $7 Million (approx. Rs 56 Crore) from MicroVest, a global investment firm based out of the United States. This investment will enable Varthana’s vision of supporting and transforming affordable education in rural India and providing loans to affordable private schools on a pan-India basis.
This funding will strengthen Varthana’s aim of aiding and supporting affordable schools to recover from the disruptions caused by COVID-19.
Commenting on the development, Steve Hardgrave, CEO, and Co-founder, of Varthana, said, “MicroVest has been our long-term investment partner working towards the cause of providing access to quality education in India. The low-budget schools in which we invest are counting on inclusive financial services to get back to business following the unprecedented challenges faced during the pandemic. With the support of MicroVest, Varthana is now in a stronger position to play a constructive role in aiding these affordable schools.”
“After two years of battling COVID-19, schools have shown positive signs of growth and sustenance. Our aim is to serve more than 10,000 schools by the end of this financial year,” added Steve.
Besides providing loans, Varthana has helped schools implement digital learning tools and teaching methods so that students could continue their education remotely throughout the pandemic.
“MicroVest is proud to support Varthana on its mission to help low-income students and their families in India access quality education,” said MicroVest CEO, Joshua Moraczewski. “Varthana is a testament to the impact that every dynamic financial institution can make when provided the opportunity to scale its innovations and approaches. We are committed to supporting Responsible Financial Institutions like Varthana. During this challenging post-COVID environment, their efforts are more important than ever.”