Team Startupcity

• Varthana secured Rs 159 crore in debt funding from BlueEarth Capital, responsAbility, and Franklin Templeton AIF.
• Funds will support affordable private schools, enhance infrastructure, and integrate clean energy like solar power.
• Active in 40 cities, Varthana has financed 12,000+ schools and disbursed over 75,000 education loans since 2013.

Varthana, a Bengaluru-based Non-Banking Financial Company (NBFC) focused on education finance, has raised Rs 159 crore (approx. $18.6 million) in debt funding from a consortium of global investors BlueEarth Capital, Franklin Templeton Alternative Investments (AIF), and responsAbility.

The funding includes Rs 69 crore in external commercial borrowings (ECBs) from Switzerland-based BlueEarth Capital, Rs 65 crore in non-convertible debentures (NCDs) from impact investor responsAbility, and Rs 25 crore from Franklin Templeton AIF.

Varthana plans to use the capital to expand access to affordable private education, upgrade school infrastructure, and integrate sustainable energy solutions, such as solar power, across its network of partner schools.

“This investment will not only deepen our impact in the affordable education segment but also foster sustainability and long-term operational resilience through clean energy integration”, said Steve Hardgrave, Co-founder of Varthana.

Founded in 2013 by Steve Hardgrave and Brajesh Mishra, Varthana offers low-cost, collateral-free loans to private schools and students. The company’s portfolio includes education loans up to Rs 5 lakh for higher education, certification programs, and skill development.

Operating in 40 cities across 16 states, Varthana has supported over 12,000 private schools and disbursed 75,000+ loans since inception.

This latest round follows a Rs 75 crore debt raise from OfBusiness and Oxyzo in March 2025. So far, Varthana has raised nearly $180 million in equity and debt from investors including Elevar Equity, Omidyar Network, and ChrysCapital.