Varthana Raises $7 Million From MicroVest The funds will lend greater heft to Varthana's aim of supporting and transforming affordable education in rural India and providing loans to affordable private schools
By Teena Jose
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Varthana, a Bangalore-based non-banking financial company (NBFC) pioneer in the affordable education loan sector, has raised $7 million from MicroVest, a global investment firm based out of the United States. This investment will enable Varthana's vision of supporting and transforming affordable education in rural India and providing loans to affordable private schools on a pan-India basis. The funds will lend greater heft to Varthana's aim of supporting and transforming affordable education in rural India and providing loans to affordable private schools.
"MicroVest has been our long-term investment partner working towards the cause of providing access to quality education in India. The low-budget schools in which we invest are counting on inclusive financial services to get back to business following the unprecedented challenges faced during the pandemic. With the support of MicroVest, Varthana is now in a stronger position to play a constructive role in aiding these affordable schools," said Steve Hardgrave, CEO and co-founder, Varthana.
Besides providing loans, Varthana has helped schools implement digital learning tools and teaching methods so that students could continue their education remotely throughout the pandemic, according to a statement given by the company.
MicroVest is proud to support Varthana on its mission to help low-income students and their families in India access quality education. Varthana is a testament to the impact that every dynamic financial institution can make when provided the opportunity to scale its innovations and approaches. We are committed to supporting Responsible Financial Institutions like Varthana. During this challenging post-Covid environment, their efforts are more important than ever," said MicroVest CEO, Joshua Moraczewski.
