Varthana is a company that provides loans and financial help for education. It is not a regular bank.
Varthana has raised INR 159 crore as a loan using two types of financial tools: External Commercial Borrowing (ECB) and Non-Convertible Debentures (NCD).
This money comes from three global investors, including BlueEarth Capital, Franklin Templeton Alternative Investments, and ResponsAbility.
Some of these investors also focus on making a positive social impact.
The total money raised includes INR 69 crore from BlueEarth Capital, INR 65 crore from ResponsAbility, and INR 25 crore from Franklin Templeton AIF.
Before this, the company from Bengaluru had already raised $89.5 million from Omdiyar Network and other investors.
Varthana said the new money will be used to help more affordable private schools in India. They will do this by providing better and new ways to use solar and renewable energy in schools.
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Varthana was started in 2013 by Steve Hardgrave and Brajesh Mishra.
It is a non-banking financial company (NBFC).
Varthana helps affordable private schools and students who want to study higher education.
The company gives loans for things like improving school buildings, training teachers, and supporting student education.
Its goal is to improve affordable education in India by working closely with schools and students.
Steve Hardgrave, CEO of Varthana, said, “Varthana is pleased to partner with Blue Earth Capital, Franklin Templeton AIF, and ResponsAbility in our efforts to drive impactful change in the education sector and make quality education accessible to all across India”.
Over the past 10 years, Varthana says it has helped more than 12,000 affordable private schools. It has also provided over 19,000 loans to schools for expanding and repairing their buildings.
The company works in 16 states and union territories and has 40 branches. It supports schools in smaller cities and towns, helping bring good education to communities that need it the most.
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