Education-focused non-banking financial company (NBFC) Avanse Financial Services has raised Rs 800 crore in funding from homegrown private equity firm Kedaara Capital to fuel its future growth plans.
Existing investor Warburg Pincus will continue to be the majority shareholder in the NBFC company.
Avanse Financial provides education financing for Indian students. The company's financial solutions include student loans for higher education, student loan refinancing, skill enhancement loans, executive education loans, and institution loans.
“Avanse is at an exciting phase of growth… As the world recovered post the pandemic, we witnessed a significant resurgence of students seeking higher education at international locations,” Amit Gainda, Managing Director and CEO of Avanse Financial Services, said.
“The growth capital will enable us to strengthen our brand proposition, integrate digital solutions, and innovate to build more depth into our product range as we work towards delivering greater stakeholder value,” he added.
The company claims to have served the needs of over three lakh academic aspirants across more than 3,000 institutes and 25,000 courses in over 50 countries.
As of December 2022, the non-banking lender has Rs 8,000 crore of assets under management. The company disbursed loans worth Rs 4,850 crore during the first nine months of financial year 2023, about 2.5 times as compared to the same period last year.
“We look forward to using our operational expertise and experience in the financial services space to help them realise their long-term vision,” said Sunish Sharma, managing partner and Co-chief executive at Kedaara Capital.
Follow IndianStartupNews on Facebook, Instagram, Twitter for the latest updates from the startup ecosystem.