Varthana Raises $2.5 Million Through Education-Focused Social Bond with Symbiotics Investments
- ByStartupStory | September 2, 2023
Varthana, a non-banking financial company (NBFC) headquartered in Bengaluru, has announced the successful raising of $2.5 million through an education-focused social bond. The investment comes from Symbiotics Investments, an investment and asset management platform. Varthana specializes in providing affordable education loans to schools and students.
A social bond is a financial instrument issued by organizations to raise funds for socially beneficial projects. The funds from this bond will be dedicated to initiatives with a positive societal impact, such as education, healthcare, and environmental sustainability.
Varthana said it will help schools in semi-urban and rural areas develop infrastructure, construction, and purchase of equipment with the funding raised. The social projects that will be financed are represented by loans for primary and secondary schools for vocational training.
“The low-budget schools in which we invest are counting on inclusive financial services to get back on the growth path following the unprecedented challenges faced during the pandemic. We are thankful to Symbiotics for their support, which enhances Varthana’s ability to play a constructive role in helping with the post-COVID-19 recovery and ongoing improvement of schools throughout the country,” said Steve Hardgrave, Co-founder and Chief Executive Officer, of Varthana Finance.
The education-focused bond was issued through Symbiotics’ sponsored bond issuance platform, certified under its Sustainable Bond Framework. The bond is listed on the Luxembourg Stock Exchange’s Securities Official List and is displayed on the Luxembourg Green Exchange.
“With this education-focused bond, Symbiotics Investments opens the door for international investors to contribute to the expansion of the education sector in India and directly invest in the future generation of this vibrant country,” said Prashant Bhardwaj, Symbiotics Investments Regional Manager South Asia.
Symbiotics is a marketing access platform specializing in impact investments in emerging and frontier economies, with a track record of over 7,500 investments worth more than $9.4 billion from 575 companies since 2005.
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