Non-Banking Finance Company Varthana has raised $15 million (about Rs 120 crore) in funding from BlueOrchard Microfinance Fund, managed by BlueOrchard.

The funding will be used to expand its lending portfolio, providing private schools and vocational students in tier II and tier III cities with essential financial support for infrastructure enhancement and skill-based learning initiatives.

Co-founded in 2013 by Steve Hardgrave and Brajesh Mishra, Varthana provides loans to affordable private schools and students pursuing domestic higher education in India. The platform aims to transform affordable education in India by catering to the needs of affordable private schools through financial assistance and academic support. It also aims to serve domestic students attending college, technical training/short-term courses, and postgraduate studies by providing them with loans to continue education.

According to the company, it intends to bridge the education gap in India by empowering affordable education institutions and improving learning outcomes for millions of students. 

Varthana claims financing more than 11,000 affordable private schools and facilitating over 16,500 loans for school expansion and renovation. 

With a presence in 16 states/union territories and 40 branches, it also extends its services to Tier III and Tier IV cities. The company aims to make education accessible to over 10 million students by 2025.