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Chennai-based Shiksha Financial Services India Pvt Ltd, a non-banking finance company, is in advanced stages of raising ₹13 crore for expansion, according to a press release.
Shiksha offers education loan to school students of the low-income segment. The first company based in Tamil Nadu to offer loans for school education has plans to set up operations in other States as well.
The start-up has deployed an initial equity capital of ₹3 crore in school loans and student loans assets, and is now seeking to raise more funds, according to a press release.
The company has received debt facilities to the tune of ₹6 crore from two lenders and also has received approval for raising ₹6 crore through secured Non Convertible Debentures (NCD) to be placed with domestic investors.
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