Education-focused non-banking financial company (NBFC) on Thursday said it raised Rs 800 crore from private equity firm to drive its future growth.
After the fundraising, global private equity firm will remain the majority shareholder in the NBFC.
Avanse said that the funds will be deployed to expand its presence and outreach to a larger number of Indian students.
“Avanse is at an exciting phase of growth… As the world recovered post the pandemic, we witnessed a significant resurgence of students seeking higher education at international locations,” Amit Gainda, Managing Director and CEO of Avanse Financial Services, said.
“The growth capital will enable us to strengthen our brand proposition, integrate digital solutions, and innovate to build more depth into our product range as we work towards delivering greater stakeholder value,” he added.
Founded in 2013, Avanse Financial provides education financing for Indian students. Its financial solutions include student loans for higher education, student loan refinancing, skill enhancement loans, executive education loans, and institution loans.
Avanse claims to have served the needs of over three lakhs academic aspirants across more than 3,000 institutes and 25,000 courses in over 50 countries. It has provided growth and working capital to more than 1,000 educational institutes, catering to over five lakhs to six lakhs students.
According to the company, its assets under management stand at Rs 8,000 crore as of December 2022. During the first nine months of the financial year 2023, Avanse disbursed loans amounting to Rs 4,850 crore.
“We look forward to using our operational expertise and experience in the financial services space to help them realise their long-term vision,” Sunish Sharma, Managing Partner and Co-CEO of Kedaara Capital, said.
Kedaara currently manages over $3.6 billion through investments in several market-leading businesses across a variety of sectors.
