Exclusive: Varthana in talks to raise $50m in fresh funding

Photo: Reuters

Varthana, which specialises in providing debt financing to private schools, is planning to raise a fresh funding round of $50 million, said sources in the know of the development.

The Series D funding round is expected to be led by existing investors, and will also see participation from new investors. The company has also roped in Kotak Investment Banking to advise on fundraising, they said.

Varthana did not respond to an email seeking comment sent on Tuesday.

Operated by Bengaluru-based Thirumeni Finance Pvt. Ltd, Varthana raised an undisclosed amount in funding from C-Quadrat Asset Management (AM) this May. It raised Rs350 crore through a combination of a primary raise and secondary stake sales led by ChrysCapital, and existing investors including Kaizen Private Equity in April last year.

Varthana also counts Elevar Equity, LGT Venture Philanthropy, and Omidyar Network among its list of backers.

Set up by Brajesh Mishra and Steve Hardgrave in 2013, Varthana provides loans ranging from Rs5 lakh to Rs1 crore primarily to private schools catering to students from low-income households. The startup also assists schools in improving learning outcomes by bettering their teaching quality and technology.

Varthana has secured and unsecured loans outstanding to over 3,500 schools.

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

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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.