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Bengaluru-based Thirumeni Finance Pvt Ltd, operating under the name Varthana, a non-banking finance company that provides loans to affordable private schools, has raised ₹93 crore ($14 million) in Series B round of financing. New investors Kaizen Private Equity and Zephyr Peacock India led this round, with existing investors Elevar Equity, LGT Venture Philanthropy and Omidyar Network also participating.
Varthana hopes to raised an additional ₹5-7 crore ($ 1 million) from domestic investors to take the total Series B round to ₹100 crore.
Varthana, which was launched by Brajesh Mishra and Steve Hardgrave in 2013, provides loans and additional support to low-cost private schools and educational institutions. The schools use the loans to expand school infrastructure and invest in solutions that help improve student learning outcomes. It now serves over 1,800 schools in 50 cities and the fresh capital will allow it to extend its services to more than 20,000 schools throughout the country over the next four years. It now operates in Karnataka, Maharashtra, Odisha, Madhya Pradesh, Tamil Nadu, Rajasthan and Gujarat.
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