Varthana raises debt funding of $7 million (~Rs 56 crore) from MicroVest, a global investment firm based out of the United States to provide loans to schools and students with affordable school loan.
Date of Announcement: 4th January 2023 ( Wednesday)
Investee Startup/Company: Thirumeni Finance Pvt. Ltd, a Bangalore-based non-banking financial Company (NBFC)
Funds raised: $7 million (56 crores)
Round/Mode of Funding: Debt
Investors Participated: MicroVest, a global investment firm based out of the US is wholly owned by DAI Global, LLC , is an asset manager that specializes in allocating private debt capital to responsible financial institutions that lend to unbanked or underbanked borrowers and/or small businesses in emerging and frontier markets.
Total funds raised: USD 97.1mn (source: Crunchbase)
About the Startup: Launched in 2013, Varthana has presence in 15 states, through 40 branches, and has granted 15000+ loans until now with more than 750 partner institutions. Primary business of startup is to provide loans to schools and students with affordable school loan and education loan finance options. Besides providing loans, it has helped schools implement digital learning tools and teaching methods so that students could continue education remotely throughout the pandemic.
Founder's View: Commenting on Investment, Steve Hardgrave, CEO, and Co-founder, said, "MicroVest has been our long-term investment partner working towards the cause of providing access to quality education in India. "The low-budget schools in which we invest are counting on inclusive financial services to get back to business, following the unprecedented challenges faced during the pandemic. With the support of MicroVest, Varthana is now in a stronger position to play a constructive role in aiding these affordable schools.”
Investor's View: Commenting on the development, Joshua Moraczewski, CEO of, MicroVest commented, “Varthana is a testament to the impact that every dynamic financial institution can make when provided the opportunity to scale its innovations and approaches. We are committed to supporting Responsible Financial Institutions like Varthana. During this challenging post-COVID environment, their efforts are more important than ever,”
Purpose of Funding: Varthana will use the funds to transform affordable education in rural India and provide loans to affordable private schools across India, said in a statement.
We wish founders and company all the best in achieving the endeavours of funding.