Sunday, July 14, 2024

Varthana Raises €3 Million from Triodos Investment Management

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Varthana, a non-banking finance company (NBFC) focused on the education sector, has secured €3 million (approximately Rs 27 crore) in funding from Triodos Investment Management. The funds were raised through non-convertible debentures (NCDs).

Founded in 2013 by Steve Hardgrave and Brajesh Mishra, Varthana aims to make education accessible to over 10 million students by 2025. The company has financed over 11,000 affordable private schools and provided over 16,500 loans for school expansion and renovation. Varthana operates in 16 states and union territories across India, with 40 branches and 150 spokes.

The funding from Triodos Fair Share Fund will enable Varthana to expand its reach and support more schools and students. The money will be used to upgrade infrastructure, improve facilities, and strengthen the educational foundation of schools. This investment will enhance Varthana’s efforts to empower educational institutions across the country.

row of books with Varthana education.

“We are thrilled to have Triodos Investment Management on board as a partner in our journey to transform education financing in India. 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,” said Steve Hardgrave, Co-Founder and CEO of Varthana.

Dorian Marquer, Head of Corporate Debt Asia/ECCA at Triodos Investment Management, commented on the investment: “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 in equipping children across India with the qualities and skills to shape and build their future.”

Varthana education logo and image.

The €3 million funding will allow Varthana to broaden its reach, helping more schools and students improve their infrastructure and educational base. By enhancing facilities and supporting educational foundations, Varthana aims to create a more robust education system in India.

This significant investment will drive Varthana’s mission forward, ensuring that quality education is accessible to all and helping to build a brighter future for countless students across the country.

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