The US-based PE major Warburg Pincus and International Finance Corp (IFC) will invest an additional ₹300 crore in non-banking finance company Avanse Financial Services Ltd, which will use the funds as growth capital.

This follows completion of acquisition of an 80 per cent stake by Warburg Pincus in Avanse Financial, which was announced on March 16. The primary infusion of ₹300 crore is also part of the earlier deal, the company said in a statement.

“We believe that specialised education financing players such as Avanse will play a strong role in helping meet the aspirations of young Indians. The primary capital infusion will meaningfully expand the company’s net worth,” said Narendra Ostawal, Managing Director at Warburg Pincus.

Started in 2013, Avanse, which is into education financing, has a total of ₹2,700 crore of assets under management.

Earlier in March this year, Warburg Pincus announced plans to acquire an 80 per cent stake in Avanse Financial services, a firm owned by Wadhawan Global Capital (WGC).

Wadhawan Global Capital sold its 49.04 per cent stake, while Dewan Housing Finance Ltd, a WGC Group company with a 30.63 per cent stake, also exited the NBFC. The financial details of the transaction were not disclosed.

Avanse is backed by IFC, with a 20 per cent equity stake in the company.

Warburg Pincus, with a portfolio of more than $65 billion in private equity assets under management, has invested more than $77 billion in over 870 companies in more than 40 countries.