14 April, 2016, Bangalore: In its recently concluded series B round of funding, Varthana, a Nonbanking Financial Company (NBFC) has acquired Rs 93 crore funding. The funding round was led by Kaizen Private Equity and Zephyr Peacock India.
Commenting on the funding round, Steve Hardgrave, CEO, Varthana said, “Existing investors Elevar Equity, LGT Venture Philanthropy and Omidyar Network also participated in the funding round.”
Varthana is a firm that provides loans from Rs two lakh to one crore over a period of three to five years, mostly these loans are utilised for the infrastructural development of schools.
“We are thrilled to have such a great set of investors who are aligned with our vision to improve the quality of affordable education in the country. Their experience and support will be valuable as we extend our branch network, enhance our technology backbone and expand our ‘beyond loans’ initiatives over the coming years,” adds Hardgrave.
Varthana partners with those education entrepreneurs who have a sense of urgency about improving access to quality education in low-income communities. These entrepreneurs are usually (not always) ex-educators themselves, who have spent time teaching children in the neighborhood and have then slowly expanded to start a school. They are driven by their mission to provide a robust education, often far superior to the government alternatives.