Auxilo Finserve, education-focussed non-banking finance company, has raised Rs 470 crore (around USD 57.4 million) as a primary equity capital in its recent funding round led by Tata Capital Growth Fund II, Trifecta Leaders Fund - I and others. Moreover, Xponentia has committed to invest Rs 110 crore in the company. The transaction closure is subject to necessary regulatory approvals.

Existing investor ICICI Bank also participated in the funding round. The bank had invested Rs 51 crore in the education financing company in November last year. In 2018, the company had raised Rs 37.5 crore from Balrampur Chini Mills.

The company said that it plans to use the capital to fuel its growth aspirations by expanding its loan base, broadening its product offerings, and providing innovative financial solutions to its customers. It will also utilise the capital infusion to broaden its product offerings and enhance its technological capabilities.

Founded in 2017, Auxilo Finserve provides loans to students for pursuing education in India or overseas and also to educational institutions so that they can improve their infrastructure and meet working capital needs