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Exclusive: Education finance firm Auxilo raises $12 Mn more in debt

EntrackrEntrackr · 11m ago
Exclusive: Education finance firm Auxilo raises $12 Mn more in debt
Medial

Education-focused non-banking financial corporation (NBFC) Auxilo has secured Rs 100 crore (approximately $12 million) in a debt financing round. The board at Auxilo has issued non-convertible debentures (NCDs) at an issue price of Rs 1,00,000 each to raise Rs 100 crore ($12 million), its regulatory filing accessed from the Registrar of Companies (RoC) shows. Dezerv Securities pumped in Rs 26.39 crore while MAS Financial Services and CredAvenue Securities (Yubi) participated with Rs 25 crore each. The balance amount will be released by the investors soon. The NCDs issued to MAS Financial and CredAvenue (Yubi) have a tenure of 36 months with an interest rate of 9.65%, while the debentures issued to Dezerv have a tenure of 29 months with an annual coupon rate of 9.90%. The development coincides with Auxilo’s $33.6 million round led by private equity firm LeapFrog Investments. As per Auxilo, LeapFrog invested $30 million while Trifecta Leaders Fund-I and Xponentia Opportunities Fund-II pumped in the remaining capital. The current debt funding appears to be separate from the recent announcement. Auxilo has raised around $145 million across equity and debt since its inception including a $57 million funding round led by Tata Capital Growth in July last year. Established in 2017, Auxilo offers student loans for pursuing education within India or abroad. It also extends loans to educational institutions for infrastructure and working capital requirements. Since its inception, Auxilo claims to have provided education loans to over 12,000 students, across more than 1,100 universities and education institutes in over 30 countries. In the next 5 years, it aims to disburse Rs 25,000 crore worth loan to more than 150,000 students in India and overseas. The New Delhi-based company demonstrated strong financial performance, achieving over 2X year-on-year growth to reach Rs 174 crore in FY23. Moreover, its profits doubled to Rs 26 crore in FY23. The company is yet to file its annual results for FY24.

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Education-focused NBFC Auxilo secures $6 Mn debt

EntrackrEntrackr · 1y ago
Education-focused NBFC Auxilo secures $6 Mn debt
Medial

Education-focused NBFC Auxilo has raised Rs 50 crore (approximately $6 million) in non-convertible debt from AK Capital Finance. This marks the first fundraise of the Mumbai-based company in 2023. The board at Auxilo has approved the allotment of 5,000 non-convertible debentures (NCDs) at an issue price of Rs 1,00,000 each for a consideration of Rs 50 crore, the company’s regulatory filings with the Registrar of Companies show. The offer also includes an option for an additional subscription (green shoe option) of Rs 25 crore which will take the total to Rs 75 crore. Established in 2017, Auxilo offers student loans for pursuing education within India or abroad. It also extends loans to educational institutions for infrastructure and working capital requirements. Auxilo has raised over $100 million across equity and debt since its inception and it competes with well-funded firms such as Grayquest, Avanse Financial, Financepeer, Propelld, Leap Finance, and Eduvanz. In July last year, Auxilo scooped Rs 470 crore in a funding round led by Tata Capital. As per the startup intelligence platform TheKredible, the company raised that capital at a post-money valuation of around $250 million. Post-allotment of the round, Tata Capital owns 10.58% shares in the company while ICICI Bank has a 9.34% stake. For a complete shareholding pattern, visit here. Auxilo’s revenue from operations grew 2X to Rs 178 crore in FY23 from Rs 87 crore in FY22 (the revenue includes net gain on fair value worth Rs 4.4 crore in FY23 and Rs 1.4 crore in FY22). It primarily makes money through processing fees, interest received on loan disbursements and commissions. As per TheKredible, the company’s profits also surged two-fold to Rs 25.7 crore during the year from Rs 12.4 crore in FY22. As of July 2023, Auxilo claims to have funded over 7,500 students across over 900 universities in over 25 countries. During FY22, the company’s loan book (asset under management) stood at Rs 769 crore comprising education loans of Rs 605.70 crore (78.73%) and institute loans worth Rs 163.60 crore (21.27%). While the company did not provide the breakup for FY23, its loan book stood at Rs 1,691 crore in the previous fiscal year.

Exclusive: Motilal Oswal invests in edtech-focused NBFC Auxilo

EntrackrEntrackr · 5m ago
Exclusive: Motilal Oswal invests in edtech-focused NBFC Auxilo
Medial

Education-focused non-banking financial corporation (NBFC) Auxilo has raised Rs 50 crore in debt from Motilal Oswal. Auxilo allotted 5,000 Non-Convertible Debentures (NCDs) to Motilal Oswal Finvest Limited at a face value of Rs 1,00,000 each, aggregating to Rs 50 crore in Series I and Series II of 2,500 NCDs each. The Series I debentures have a tenure of 2 years with a rate of interest of 9.7% per annum while the Series II debentures carry 9.8% annual interest with a tenure of 3 years, according to the filing. Education-dedicated NBFC Auxilo Finserve provides education loans to students for higher studies in India and abroad and to educational institutes for infrastructure modernization. Its educational loans include all the expenses related to the course including classroom expenditures, pre-visa approvals, air-fares, et al. Auxilo has raised over $100 million across equity and debt since its inception and it competes with well-funded firms such as Grayquest, Avanse Financial, Financepeer, Propelld, Leap Finance, and Eduvanz. Auxilo recorded a 100% year-on-year growth in its revenue to Rs 356 crore in FY24 from Rs 178 crore in FY23. On the back of strong growth, its bottom line jumped 2.68X to Rs 69.2 crore in the previous fiscal (FY24). This is the fourth recent investment by the Motilal Oswal Group in Indian startups.

Decoding Auxilo’s latest funding round, captable and valuation

EntrackrEntrackr · 11m ago
Decoding Auxilo’s latest funding round, captable and valuation
Medial

Education-focused non banking financial corporation (NBFC) Auxilo recently announced its Rs 279 crore or $33.6 million equity funding in LeapFrog through its investment vehicle Jade Inclusion Ltd. Apart from the names of the investors, the company did not disclose any details. Entrackr has gone through its regulatory filings to decode details such as round break up, shareholding, and current valuation. The board at Auxilo has passed a special resolution to allot 4,80,78,529 compulsory convertible preference shares (CCPs) at an issue price of Rs 58.04 each to raise Rs 279 crore or $33.6 million, its regulatory filing sourced from the Registrar of Companies shows. LeapFrog led the round with Rs 250 crore while Trifecta and Xponentia Opportunities Fund II pumped in Rs 14.25 crore and Rs 14.79 crore. respectively. According to the filings, the company will use the proceeds to meet its future capital requirements arising out of the growth of business and assets. As per TheKredible estimates, the company has been valued at around Rs 3124 crore or $376 million post-allotment. Following the proceeds, Balrampur Chini Mills (owned by Vivek Saraogi) and Elme Advisors will be the largest external stakeholders with 30.7% each followed by Tata Capital and ICICI Bank which hold 09.61% and 8.49% respectively. Check TheKredible for the complete shareholding. Auxilo has raised around $145 million across equity and debt since its inception including its $57 million funding round led by Tata Capital Growth in July last year. Soon after the equity funding, the company also raised $12 million debt led by Dezerv Securities early this week. Entrackr exclusively reported the development. Established in 2017, Auxilo offers student loans for pursuing education within India or abroad. It also extends loans to educational institutions for infrastructure and working capital requirements. The New Delhi-based company demonstrated strong financial performance, achieving over 2X year-on-year growth to reach Rs 174 crore in FY23. Moreover, its profits doubled to Rs 26 crore in FY23. The company is yet to file its annual results for FY24. LeapFrog mainly focuses on financial, health, and climate tech startups. Apart from Auxilo, the fund led Battery Smart’s $65 million Series B round and $48 million round of Electronica Finance.

Exclusive: Waycool raises $12 Mn debt from Grand Anicut

EntrackrEntrackr · 9m ago
Exclusive: Waycool raises $12 Mn debt from Grand Anicut
Medial

Waycool, the Chennai-based agriculture supply chain firm, has raised Rs 100 crore (about $12 million) in debt financing from Grand Anicut. This is the first major infusion in the company in the last two years. The board at 1,000 Series B6 debentures at an issue price of Rs 10,00,000 each to raise Rs 100 crore or $12 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. The debt carries a coupon rate (interest) of 18% per annum with a tenure of 18 months. The company plans to use the funds for ongoing business operations, according to the filings. This debt round is a significant breakthrough for Waycool, as the company has been struggling to raise an equity round. Founded by Karthik Jayaraman and Sanjay Dasari, Waycool buys fresh produce, including dairy products, from farmers and sells them to retailers and restaurants. It also runs private label brands and handles distribution for fast moving consumer goods or FMCG companies. Waycool has raised around $160 million in funding to date from Lightrock, International Finance Corporation, FMO, and 57 Stars, among others. It was also negotiating for more than $50 million which could have propelled its valuation in the range of $900 million to $1 billion. However, the talks did not go through. The firm was valued at $700 million in its last equity round. To cut costs, the firm also laid off 200 employees across departments as the company was eyeing profitability by July this year. Waycool registered 62% growth in its operating revenue to Rs 1,251 crore in FY23 whereas its losses surged by 89% to Rs 685 crore during the same period. It’s yet to file an annual report for FY24. The debt funding for Waycool highlights the scarcity of equity capital for agritech startups. Notably, three companies—Waycool, Dehaat, and Ninjacart—have been close to achieving unicorn status for the past couple of years. However, the sector has yet to produce its first unicorn. According to startup data intelligence platform TheKredible, agritech remains one of the least funded segments in 2024, with over 30 startups raising only $150 million by September. This follows a challenging trend, as last year saw just $178 million in agritech funding, a steep decline from $772 million in 2022 and $636 million in 2021. On Monday, agritech firm Greenikk shut down its operations due to operational challenges.

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