The non-banking financial corporation Auxilo, which focuses on education, has raised debt funding of around $12 million.
In order to raise around $12 million, the board of Auxilo issued non-convertible debentures (NCDs) at an issue price of Rs 1,00,000 apiece, according to its regulatory filing that was obtained from the Registrar of Companies (RoC).
Contributions from Dezerv Securities totaled Rs 26.39 crore, with contributions from MAS Financial Services and CredAvenue Securities (Yubi) totaling Rs 25 crore apiece. Investors will soon release the remaining sum.
The debentures given to Dezerv have a duration of 29 months with an annual coupon rate of 9.90%, while the NCDs issued to MAS Financial and CredAvenue (Yubi) have a 36-month tenure with an interest rate of 9.65%.
This news is related to Auxilo’s $33.6 million funding round, which was spearheaded by LeapFrog Investments, a private equity firm. LeapFrog contributed $30 million, according to company, with the remaining funds coming from Trifecta Leaders Fund-I and Xponentia Opportunities Fund-II.
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It seems that the recent announcement is unrelated to the loan finance that is in place right now.
Since its founding,It has attracted over $145 million in debt and equity, including a $57 million funding round headed by Tata Capital Growth in July of last year.
Auxilo is a 2017-founded company that provides student loans for study abroad or in India. Additionally, it provides loans to educational establishments to meet their working capital and infrastructural needs.
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Auxilo states that since its founding, it has given educational loans to more than 12,000 students at more than 1,100 colleges and universities in more than 30 nations. It intends to provide loans of Rs 25,000 crore to over 150,000 students in India and abroad over the course of the next five years.
The company, which is situated in New Delhi, showed impressive financial performance in FY23, growing by more than two times year over year to reach Rs 174 crore. Additionally, in FY23, its profits increased to Rs 26 crore. The business has not yet submitted its FY24 annual results.
About Auxilo
Auxilo is a pro-education NBFC that is registered with the Reserve Bank of India. Its goals are to scale the educational infrastructure by providing creative finance solutions, with a particular emphasis on students.
