Varthana secures €3 million in funding:
Varthana, a non-banking finance company (NBFC) in the education sector, has secured €3 million (approximately ₹27 crore) in funding from Triodos Investment Management through non-convertible debentures (NCD). According to Varthana, this funding, provided via the Triodos Fair Share Fund, will enable the company to expand its reach and support more schools and students in enhancing their infrastructure, facilities, and educational foundations.
Founded in 2013 by Steve Hardgrave and Brajesh Mishra, Varthana operates in 16 states and union territories through 40 branches and 150 spokes. It has financed over 11,000 affordable private schools and facilitated more than 16,500 loans for school expansion and renovation.
The company aims to make education accessible to over 10 million students by 2025. Commenting on the funding, Steve Hardgrave, Co-Founder and CEO of Varthana, said, “We are thrilled to have Triodos Investment Management on board as a partner in our journey to transform education financing in India. This funding reflects our 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.”
Dorian Marquer, Head of Corporate Debt Asia/ECCA at Triodos Investment Management, stated, “We are very pleased to add Varthana to our financial inclusion portfolio. This investment demonstrates that financial inclusion also plays a role in addressing other pressing issues, such as access to affordable quality education, which is crucial for alleviating poverty. Education is an empowering force, and Varthana plays a vital role in equipping children across India with the skills and qualities needed to shape and build their future.”
