Education Loans-providing Startup 'Auxilo' bags Rs.100 crore in Debt round
In a debt financing round, education-focused NBFC - Non-banking financial corporation Auxilo secured Rs.100 crore, or approximately $12 million. According to Auxilo’s regulatory filing, which can be accessed from the Registrar of Companies (RoC), the board of directors issued NCDs - non-convertible debentures at an issue price of Rs.1, 00,000 each in order to raise Rs.100 crore, which is equal to $12 million.
Dezerv Securities contributed Rs.26.39 crore, while CredAvenue Securities (Yubi) and MAS Financial Services each contributed Rs.25 crore. The equilibrium sum will be delivered by the financial backers soon.
The debentures issued to Dezerv have a tenure of 29 months and an annual coupon rate of 9.90%, whereas the NCDs issued to MAS Financial and CredAvenue (Yubi) have a tenure of 36 months and an interest rate of 9.65 percent.
LeapFrog Investments, a private equity firm, led Auxilo’s $33.6 million funding round at the same time as this development.
According to Auxilo, LeapFrog contributed $30 million while Trifecta Leaders Fund I and Xponentia Opportunities Fund II siphoned in the leftover capital.
It would appear that the current debt funding is distinct from the most recent announcement. Auxilo has raised around $145 million across equity and debt since its origin including a $57 million funding round directed by Tata Capital Growth in July last year.
Founded in 2017, Auxilo offers education loans for pursuing after education inside India or abroad. It additionally stretches out advances to instructive establishments for foundation and working capital necessities.
Auxilo asserts that, since its inception, it has granted education loans to more than 12,000 students from more than 1,100 educational establishments in more than 30 nations. It intends to provide loans totaling Rs.25, 000 crore to over 150,000 Indian and international students.
The business, which is based in New Delhi, had a strong financial performance, growing by more than 2 times year-over-year to reach Rs.174 crore in FY23.
In addition, in FY23, its profits doubled to Rs.26 crore. The organization is yet to document its yearly outcomes for FY24.
Dezerv Securities contributed Rs.26.39 crore, while CredAvenue Securities (Yubi) and MAS Financial Services each contributed Rs.25 crore. The equilibrium sum will be delivered by the financial backers soon.
The debentures issued to Dezerv have a tenure of 29 months and an annual coupon rate of 9.90%, whereas the NCDs issued to MAS Financial and CredAvenue (Yubi) have a tenure of 36 months and an interest rate of 9.65 percent.
LeapFrog Investments, a private equity firm, led Auxilo’s $33.6 million funding round at the same time as this development.
According to Auxilo, LeapFrog contributed $30 million while Trifecta Leaders Fund I and Xponentia Opportunities Fund II siphoned in the leftover capital.
It would appear that the current debt funding is distinct from the most recent announcement. Auxilo has raised around $145 million across equity and debt since its origin including a $57 million funding round directed by Tata Capital Growth in July last year.
Founded in 2017, Auxilo offers education loans for pursuing after education inside India or abroad. It additionally stretches out advances to instructive establishments for foundation and working capital necessities.
Auxilo asserts that, since its inception, it has granted education loans to more than 12,000 students from more than 1,100 educational establishments in more than 30 nations. It intends to provide loans totaling Rs.25, 000 crore to over 150,000 Indian and international students.
The business, which is based in New Delhi, had a strong financial performance, growing by more than 2 times year-over-year to reach Rs.174 crore in FY23.
In addition, in FY23, its profits doubled to Rs.26 crore. The organization is yet to document its yearly outcomes for FY24.
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