Warburg Pincus-backed education loan company Avanse Financial Services on Thursday said it has received $98 million (Rs 800 crore) in funding from private equity firm Kedaara Capital.
Avanse, which has assets under management (AUM) of $983 million (Rs 8,000 crore) as of December 2022, said it has reported an annual growth of 1.9x. For the first nine months of fiscal 2023, Avanse said it saw loan disbursements of $596 million (Rs 4,850 crore).
“Avanse is at an exciting phase of growth. As the world recovered post-pandemic, we witnessed a significant resurgence of students seeking higher education at international locations. We have responded with agility and leveraging technology to develop customised financing solutions to meet growing student demand,” said Amit Gainda, Managing Director & CEO, Avanse Financial Services.
“The fresh primary infusion will significantly improve the company’s capitalisation, providing a strong base for future growth,” said Kartikeya Kaji, Managing Director, Kedaara Capital.
Avendus Capital acted as the exclusive financial advisor for the transaction. AZB & Partners represented Avanse and Warburg Pincus as legal counsel, while Khaitan & Co represented Kedaara Capital.