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ISFC in advanced talks to raise funds worth USD 12 million for digital education

ISFC

Source: Abbreviations.com

ISFC stands for Indian School Financing Company and is a Hyderabad-based private institutional lender to the Indian educator sector. The company is acquired by Manappuram Finance and was founded back in 2008 by Samir Mehra.

Having given that background, the company has recently announced to be in advanced talks with family offices to raise funds worth USD 12 million in debt and in equity. As mentioned in a report by Economic Times, ISFC is planning to raise fresh funds worth INR 50 crore in equity and an additional INR 50 crore in debt financing through non-convertible debentures in the company’s eight funding round of all time.

We are all aware of the adversities brought down by the COVID-19 pandemic and how it has affected the Indian education system. School is a crucial part for a child’s brain to develop and learn new skills but the COVID-19 induced lockdowns forced everyone to stay inside their houses for many months wherein education was being provided online via video call. This is one way of studying in a digital era but the quality and experience of going to school and learning is altogether a different viewpoint. Having said that, in these adverse conditions, the financial impact on parents during these past months would have been ground shaking. However, ISFC- the Hyderabad-based non-banking financial company is looking forward to offering interest-free loans and extend its instalment schemes to help parents in digitising school education, as mentioned in a report by Economic Times.

Indian School Financing Company is engaged with the business of lending educational institutions and entrepreneurs with loans and funds for operating their businesses and according to the company profile on Crunchbase, it is mentioned that the Hyderabad-based start-up has till date raised total funding worth USD 36 million in over two financing rounds.

Sandeep Wirkhare, Chief Executive Officer at ISFC mentioned in a statement that the start-up is in talks with several home and family offices, High-Net worth Individuals to raise funds. However, he did not mention the exact amount that the company is looking forward to raising.

According to the company profile on Crunchbase, ISFC has successfully raised USD 30 million last year in its latest Venture Round led by US-based Gray Matter Capital in order to help schools and educational institutions to survive this pandemic and stabilise their education operations during the COVID-19 outbreak in the world.

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