Varthana bags $7 Million from US-based MicroVest
- ByStartupStory | January 4, 2023
Varthana, a Bangalore-based non-banking financial company (NBFC), raised $7 million (approximately Rs 56 crore) on Wednesday from MicroVest, a global investment firm based in the United States.
Varthana, a pioneer in the affordable education loan sector, will use the funds to transform affordable education in rural India and provide loans to affordable private schools across the country.
According to a statement, the funding will help Varthana’s goal of assisting and supporting affordable schools as they recover from the disruptions caused by COVID-19.
“MicroVest has been our long-term investment partner working towards the cause of providing access to quality education in India,” said Steve Hardgrave, CEO and Co-founder, Varthana.
“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.”
“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 Joshua Moraczewski, CEO, MicroVest.
Founded in the year 2013 by Brajesh Mishra and Steve Hardgrave with the vision to improve the educational infrastructure of schools by providing loans to private educational entity owners.
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