India Dealbook: Awfis raises 2nd tranche of Series C; Varthana snags funds

India Dealbook: Awfis raises 2nd tranche of Series C; Varthana snags funds

Photo: Mint

Indian startups continue to attract investor attention. The Dual Return Vision Microfinance Fund has invested an undisclosed amount in Indian lender Varthana. Meanwhile, Awfis has secured Rs 25 crore in the second tranche of Series C funding.

Awfis gets second tranche of Series C

Awfis Space Solutions, a home-grown co-working space provider, has secured Rs 25 crore in the second tranche of Series C funding from Sequoia and Yes Bank family.

The startup last year announced that it would raise $20 million in the Series C round. It received the first tranche worth Rs 71.59 crore in August. The startup is expected to use the funds to expand operations in new cities.

The latest infusion, which valued Awfis at $100 million, has raised Yes Bank family’s stake in company to 40.22 per cent while Sequoia now holds 31.73 per cent.

Dual Return Vision Fund backs Varthana

The Dual Return Vision Microfinance Fund, which is managed by C-Quadrat Asset Management (AM), has invested an undisclosed amount in Indian lender Varthana.

C-Quadrat AM disbursed the funds during April, along with loans to – and bond purchases from – unidentified microfinance institutions in Costa Rica, Ecuador, Indonesia, Kazakhstan, Myanmar and Tajikistan, said a company statement.

Varthana lends to primary and secondary schools for infrastructure, teacher training and working capital. These loans may range up to Rs20 million ($290,000) with payback periods as long as eight years. The company also offers management and educational consultancy to school owners.

As of 2019, Varthana has secured and

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter