Auxilo Finserve raises Rs 37.5 Cr from Balrampur Chini Mills
Auxilo Finserve Pvt Ltd, an education-dedicated NBFC, announced it has raised roughly $5.75 million, or Rs 37.5 crore, from Balrampur Chini Mills Ltd, one of the country’s largest integrated sugar manufacturing companies. With this, Balrampur Chini and Aakash Bhansali - who leads the principal investments unit of Enam Holdings - have become equal shareholders in the company.
Both investors have made a long-term commitment to invest Rs 175 crore each into the NBFC in tranches.
“We’re moving ahead as per our roadmap in valuing dreams of students opting for higher studies, and fulfil the unfulfilled financing needs of small-to-big size schools in India. Our country’s rising needs, especially from smaller towns or cities, for possessing higher education is spurring ahead, and we’re making our financial solutions in such a way so that it can match their needs and repayment terms. We’re coming up with futuristic educational solutions that might become a game-changer,” says Neeraj Saxena, MD & CEO, AuxiloFinserve.
Launched in October 2017, and registered with the RBI, Auxilo Finserve provides education loans to two major categories of clients - the first being students, for higher studies in India as well as abroad; and second - educational institutes for infrastructure modernisation.
Students can not only obtain loans to the tune of their entire fees, but also for their classroom expenditures, pre-visa approvals, air-fares and almost everything related to their course.
The NBFC has aggressively expanded its operations through specialised centres in major educational hubs such as Mumbai, Hyderabad, Chennai, Delhi, Bengaluru and Pune. Auxilo Finserve even launched a first-of-its-kind financial solution product for women this month, and is encouraging female students to apply for loans for higher education, to avail of their zero processing fees offer.