India: Education-focused lender ISFC raises $30m in debt, equity capital

ISFC, a non-bank lender focused on lending to educational institutions and entrepreneurs managing such institutions, has tied up equity and debt commitments worth $30 million from existing investor Gray Matters Capital and other partners such as non-banking financial companies (NBFCs), including Incred, U Gro Capital, and Profectus Capital.

“We believe this sector is undervalued and will go through significant evolution and expansion in the next few years,” said Erika Norwood, president and chief executive officer (CEO), Gray Matters Capital.

The new investment round and joint lending partnership will enable ISFC to expand its current partner network from 6,500 schools to 15,000. It also plans to introduce offerings focusing on student financing for K-12, coaching and skill development.

“Out of this $30 million, $8 million ($5 million equity, $3 million debt) is from Gray Matters, our existing investor. The remaining $ 22 million is from three NBFCs ( 50 crore each from Incred Finance, U Gro Capital and Profectus Capital) in the form of direct assignment to create liquidity and joint lending arrangement for disbursements for the remaining part of this financial year,” said Sandeep Wirkhare, managing director and CEO, ISFC.

The lender believes demand from education institutions will be better because of spending on infrastructure, digitisation, and teachers’ training, following the implementation of the New Education Policy, Wirkhare said.

This article was first published in livemint.com.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.