Varthana Raises ₹159 Crore from Global Impact Investors to Expand Affordable School Network in India

Varthana, a leading education-focused Non-Banking Financial Company (NBFC), has announced a fresh debt investment of ₹159 crore through External Commercial Borrowing (ECB) and Non-Convertible Debentures (NCDs). The funding comes from a consortium of global impact investors including BlueEarth Capital, ResponsAbility, and Franklin Templeton Alternative Investments (AIF).

Funding Details:

• ₹69 crore from BlueEarth Capital

• ₹65 crore from ResponsAbility

• ₹25 crore from Franklin Templeton AIF

This round follows Varthana’s earlier fundraise of $89.5 million from prominent investors such as the Omidyar Network and others.

Fueling Growth in Affordable Education and Green Infrastructure

Varthana has confirmed that the latest capital infusion will be used to scale its outreach to affordable private schools across India, with a special focus on renewable energy solutions such as solar integration in schools. The company aims to enable a sustainable and inclusive transformation in the education ecosystem, especially in underserved urban and rural areas.

“We are pleased to partner with BlueEarth Capital, Franklin Templeton AIF, and ResponsAbility in our mission to drive meaningful impact in education and make quality schooling accessible across India,” said Steve Hardgrave, CEO and Co-founder of Varthana.

Transforming Education Through Financial Inclusion

Founded in 2013 by Steve Hardgrave and Brajesh Mishra, Varthana provides specialized financial solutions tailored for affordable private schools and students. Its offerings include:

• Loans for school infrastructure development

• Funding for teacher training programs

• Financial support for higher education pursuits

With operations in over 16 states and union territories, and a presence across 40+ branches, Varthana is one of India’s few NBFCs dedicated entirely to the education sector.

Impact Highlights

• Over 12,000 affordable private schools supported

• More than 19,000 school development loans disbursed

• Active presence in Tier II and Tier III cities

• Expanding into clean energy adoption in educational institutions

Varthana’s approach combines financial inclusion with educational empowerment, enabling schools to expand, renovate, and integrate technology-driven solutions that uplift student learning outcomes.

Global Confidence in India’s Education Financing Sector

The investment from globally renowned institutions underlines rising investor confidence in India’s affordable education financing space and reflects a growing alignment between social impact and sustainable finance.