Varthana adds Symbiotics, Triple Jump to $16.5M debt funding round
Varthana, founded in 2013, provides loans to affordable private schools and students, and operates across multiple Indian states.
Varthana Finance said it has raised about $16.5 million in fresh international debt to expand lending to affordable private schools in India, adding to a funding push that includes a water and sanitation–focused loan announced earlier this month.
The Bengaluru-based non-bank lender secured a $6 million loan from WaterEquity, a US-based asset manager that invests exclusively in water and sanitation projects, alongside a $5 million non-convertible debenture investment from Switzerland-based Symbiotics and a 5 million euro external commercial borrowing from Netherlands-based impact fund Triple Jump, according to a statement on Tuesday.
The latest transactions bring the total capital raised in the tranche to roughly $16.5 million, Varthana said in a statement on Tuesday. The funds will be used to expand lending to affordable private schools across India, including financing for school infrastructure.
WaterEquity’s $6 million loan is aimed at supporting investments in water, sanitation and hygiene facilities at schools serving low- and middle-income communities. “Children spend a significant portion of their day at school, and access to safe, dignified WASH facilities is essential to improving attendance and learning outcomes - particularly for girls,” said Amit Agarwal, Head of South and Central Asia for Financial Institutions at WaterEquity.
“This investment reflects our commitment to supporting scalable education financing models that strengthen school infrastructure and improve learning outcomes in underserved communities,” said Sylvie Gal, Regional Manager, Asia Pacific, at Triple Jump.
“We are delighted to work with Varthana, as their focus on affordable education aligns well with our mandate to channel capital towards institutions delivering sustainable social impact in emerging markets,” said Prashant Bhardwaj, Regional Manager for South Asia at Symbiotics.
Edited by Jyoti Narayan