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NBFC Varthana secures Rs 159 Cr in debt funding

EntrackrEntrackr · 7m ago
NBFC Varthana secures Rs 159 Cr in debt funding
Medial

Varthana, an education-focused Non-Banking Finance Company (NBFC), has secured a debt investment totaling Rs 159 crore through External Commercial Borrowing (ECB) and Non-Convertible Debentures (NCD) instruments. The combined amount is from three different global investors (including impact investors): BlueEarth Capital, Franklin Templeton Alternative Investments (Franklin Templeton AIF), and ResponsAbility. The total investment includes Rs 69 crore from BlueEarth Capital, Rs 65 crore from ResponsAbility, and Rs 25 crore from Franklin Templeton AIF. Prior to this, the Bengaluru-based company had raised $89.5 million from Omdiyar Network and others. The fresh funds will be utilized to scale the network of affordable private schools across India through innovative and enhanced access to solar and renewable energy solutions in schools, Varthana said in a press release. Co-founded in 2013 by Steve Hardgrave and Brajesh Mishra, Varthana is a non-banking financial company (NBFC) that focuses on providing financial solutions to affordable private schools and students pursuing higher education. The platform offers loans for school infrastructure development, teacher training, and student education. It aims to transform affordable education in India by partnering 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 decade, Varthana claims to have supported over 12,000 affordable private schools and facilitated over 19,000 school loans for school expansion and renovation. With operations across 16 states and union territories, and a network of 40 branches, it also serves schools in tier II and tier III cities, making quality education accessible to underserved communities in India.

NBFC Namdev Finvest raises $37 Mn from FMO, IIX, others

EntrackrEntrackr · 19d ago
NBFC Namdev Finvest raises $37 Mn from FMO, IIX, others
Medial

Jaipur-based non-banking finance company (NBFC) Namdev Finvest has raised $37 million (approximately Rs 324 crore) through a combination of listed non-convertible debentures (NCDs) and external commercial borrowings (ECB). The round included participation from FMO, IIX, Franklin Templeton AIF India, and Symbiotics. FMO, the Dutch Entrepreneurial Development Bank, contributed $20 million (around Rs 180 crore), while Impact Investment Exchange's (IIX) Women's Livelihood Bond 7 (WLB7) invested $8 million (approximately Rs 71 crore). The company also raised $2.3 million from Franklin Templeton Alternative Investments Fund India (Franklin Templeton AIF) and $6.5 million from Symbiotics. Previously, Namdev Finvest raised $15 million in a Series B funding round in January 2024, co-led by British International Investment (BII), LC Nueva AIF, and existing investor Incofin India Progress Fund. It had earlier raised $4.7 million in September 2021 and $7.5 million in October 2022. The funds will be used to expand its MSME lending operations across rural and semi-urban markets in India, the company said in a press release. Founded in 2013 by Jitendra Tanwar, Namdev Finvest provides loans to MSMEs, vehicle owners, climate-friendly commuters, rooftop solar customers, and women entrepreneurs. The company works with public, private, and small finance banks, international financial institutions, and domestic lenders to diversify its funding sources. Namdev Finvest focuses on borrowers in Tier III and smaller cities across India. It operates in nine states. The company said it aims to improve access to credit, support employment generation, and contribute to financial inclusion. According to Namdev Finvest, the platform supports MSME lending with a focus on climate-aligned and green finance. It plans to expand its operations and support entrepreneurs across the country.

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