Mumbai-based Services Ltd, an education-focused non-banking financial (NBFC) company, has raised Rs 1,000 crore in a funding round led by Abu Dhabi-based Mubadala Investment Company and Avendus PE Investment Advisors Private Limited through its fund Avendus Future Leaders Fund II.
The company plans to enhance its position in the rapidly evolving education financing sector by focusing on customer experiences and achieving sustained growth.
“We are delighted to welcome our new strategic investors, who share a common vision of strengthening the education financing segment in India. Along with them, we also appreciate the constant support of our existing shareholders, , , and the International Finance Corporation,” said, Amit Gainda, Managing Director and CEO, Avanse Financial Services.
Founded in 2013, Avanse Financial Services Limited is an NBFC that aims to provide affordable education financing for Indian students. Its student loans offer financing solutions for students’ entire education lifecycle, including loans for higher education abroad, in India, and skill enhancement loans.
“They not only have recognised the profound impact of making education financing accessible and affordable but also believe in our brand ethos and our core belief that no deserving student should miss an opportunity to access quality education due to the lack of financing, irrespective of their social strata or co-borrower’s financial background,” he added.
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As of December 2023, Avanse’s AUM (assets under management) is Rs 12,147 crore.
“Avanse, driven by its vision to democratise education in India, has transformed into one of India’s premier education finance companies. We are thrilled to collaborate with Mubadala Investment Company as Avanse continues to advance its long-term objectives,” said Narendra Ostawal, Managing Director and Head of India, Warburg Pincus.
Edited by Affirunisa Kankudti
