Bengaluru, 20, May 2024: Varthana, a leading Non-Banking Finance Company (NBFC) in the affordable education sector, has successfully secured 3 million Euros (INR 27 crores) funding from Triodos Investment Management through Non-Convertible Debentures (NCD). This funding marks a significant milestone in Varthana’s mission to empower the education sector in India.
Netherlands-based Triodos Investment Management, known for its commitment to sustainable and impactful investments, recognizes Varthana’s dedication to providing accessible financing solutions to educational institutions across India. The funding – provided through Triodos Fair Share Fund – will enable Varthana to further expand its reach and support more schools and students in upgrading their infrastructure, facilities, and educational foundation.
Commenting on this round of funding, Mr. Steve Hardgrave, Co-Founder and CEO of Varthana, stated, “We are thrilled to have Triodos Investment Management on board as a partner in our journey to transform education financing in India. The funding provided to Varthana reflects a shared vision of driving positive social impact and the importance of innovative financing solutions in addressing the challenges faced by the education sector. This investment reaffirms our commitment to making quality education accessible to all and will fuel our efforts to empower more educational institutions across the country.”
Varthana has been at the forefront of revolutionizing the education financing landscape in India since its inception. It has played a crucial role by financing more than 11,000 affordable private schools and facilitating over 16,500 loans for school expansion and renovation. With a presence in 16 states/union territories and 40 branches, Varthana also extends its services to Tier III and Tier IV cities, significantly contributing to fostering accessible education in India.
Dorian Marquer, Head of Corporate Debt Asia/ECCA Triodos Investment Management, stated: “We are very pleased to add Varthana to our financial inclusion portfolio. This investment shows that financial inclusion also plays a role in addressing other pressing issues, such as access to affordable quality education, which is seen as a key pillar to alleviate poverty. Education is an empowering force in the world and Varthana plays a very important role to equip children across India with the qualities and skills to shape and build their future.”