Varthana nets Rs. 27 crore Fund from Omidyar Network in Series A

Varthana, a Bengaluru-based NBFC – Non-Bank Financial Company has efficiently elevated Rs. 27 crore in a Series A funding round directed by Omidyar Network alongside already existed investors including LGT Venture Philanthropy & Elevar Equity. Varthana fosters to close additional funding of Rs. 5 crore from domestic investors in upcoming months to carry the size of Series A round to Rs. 32 crore.

Established by Brajesh Mishra & Steve Hardgrave in the year 2013, Bengaluru-based Varthana offers affordable loans to low-cost educational news & private schools. These loans are gradually utilized to enhance the quality of schools & augment the capacity.

Regarding this fundraise, Steve Hardgrave, Founder & CEO at Varthana says, “We are honored to serve the incredible women and men who provide affordable, quality education to India’s low- and middle-income families. Our goal is to support these education entrepreneurs as they continue to grow their institutions”.

Expressing on the company’s growth, he further adds, “While we are extremely satisfied with our rapid growth, we are even more excited about the strong foundation we have laid in regard to systems and management. This will pave the way for much bigger things”.

Similarly, Dimple Sanghi, Director of Investments, Omidyar Network states, “Varthana is exactly the type of company we look for at Omidyar Network. With real vision and solid management, Varthana fills a critical market gap by providing much-needed financial services to affordable private schools, thereby transforming the lives of millions of Indian families. Varthana’s mission fits squarely into both the Financial Inclusion and Education Initiatives at Omidyar Network, and we are pleased to be part of its important work moving forward”.