NBFC firm Varthana raised $15 million funding from BlueOrchard Microfinance Fund

Varthana, a prominent non-banking finance company (NBFC) firm focused on enhancing affordable private education in India, has secured $15 million (Rs 120 crore) funding from BlueOrchard Microfinance Fund.

This investment, structured under the External Commercial Borrowings (ECB) framework, aims to bridge educational gaps in Tier 2 and Tier 3 cities, benefiting private schools and vocational students across the country.

Expanding reach and resources 

Established in 2013 by Steve Hardgrave and Brajesh Mishra, Varthana provides loans for school expansions, renovations, and infrastructure improvements.

The firm claims to have supported over 11,000 affordable private schools and facilitated more than 16,500 loans, empowering institutions to enhance learning outcomes and teaching standards.

With a presence in 16 states and 40 branches, it is actively contributing to accessible education in underserved areas.

The recent funding will enable the company to broaden its lending portfolio, further assisting schools in upgrading facilities and students in pursuing higher education.

Varthana also assists domestic students with loans for college, technical training, and postgraduate studies, helping transform educational opportunities for millions. It aims to provide educational access to over 10 million students by 2025. 

Leadership comments

Steve Hardgrave, CEO of Varthana, said, "We are thrilled to receive this second round of funding from BlueOrchard, which strengthens our commitment to transforming education in underserved communities. These funds will allow us to reach more schools and families, enabling them to access the resources they need to create impactful learning environments."

Yan Kit Lee, Head of Originations, Asia, at BlueOrchard Investments, stated, "This facility represents BlueOrchard and Varthana's mutual commitment to inclusive education's crucial role in achieving sustainable development and uplifting future generations in India. We are excited to support Varthana as they continue transforming the affordable education sector at scale."