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Avanse Financial Services Ltd, an education-focused non-banking financial company (NBFC), has raised ₹250 crore under government initiatives. The firm will use the proceeds as growth capital and to create educational solutions for students and institutions.
The NBFC has raised ₹100 crore through the Targeted Long Term Repo Operation (TLTRO) from leading public sector banks and ₹150 crore under the Partial Credit Guarantee (PCG) Scheme, the company said in a statement.
This investment will also help Avanse to develop the entire education ecosystem by providing necessary funding to the educational institutions for enhancing the infrastructure that can contribute towards the larger economy, it added.
“The Government and RBI’s TLTRO and PCG scheme for channelising liquidity to small and mid-sized NBFCs are encouraging initiatives in the wake of Covid-19 outbreak. Education is embedded in the Indian culture making it an important aspect of every Indian household,” said Amit Gainda, CEO of Avanse Financial Services.
“Based on our strong franchise and prudent risk management along with the necessary boost from the government, we will be able to contribute towards building a robust education ecosystem. This will, in turn, prepare young minds to remain relevant in the rapidly changing business environment and market conditions,” Gainda added.
The company has assets under management of more than ₹2,800 crore.
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