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Varthana raises $3 Mn from Triodos Investment Management

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Non-Banking Finance Company (NBFC) Varthana has raised $3 million (Rs 27 crore) in funding from Triodos Investment Management through non-convertible debentures (NCD). The proceeds will be used to further expand its reach and support more schools and students in upgrading their infrastructure, facilities, and educational foundation. Established in 2013 by Steve Hardgrave, Varthana Finance operates as a non-banking finance company (NBFC), that provides credit to low-budget private schools and students pursuing higher education in India. It operates across 15 states, catering to more than 8,500 schools and benefiting four million students. The company claims to have disbursed over 15,000 loans and established partnerships with more than 750 loan institutions. The Bengaluru-based school finance company experienced a decline in scale over the last two fiscal years. The revenue dropped from Rs 211 crore in FY21 to Rs 190 crore in FY22, and further decreased to Rs 183 crore in FY23. Netherland-based Triodos Investment Management focuses on food, resource, energy, societal and wellbeing. It operates globally as an impact investor and is a wholly owned subsidiary of Triodos Bank NV.