Bengaluru-based Non-Banking Financial Company (NBFC) Varthana has secured ₹159 crore (approximately $18.6 million) in debt funding from a consortium of global investors. The round includes contributions from BlueEarth Capital, Franklin Templeton Alternative Investments (AIF), and responsAbility.
The funding structure includes ₹69 crore in external commercial borrowings (ECBs) from Switzerland-based BlueEarth Capital, ₹65 crore via non-convertible debentures (NCDs) from impact investment firm responsAbility, and ₹25 crore from Franklin Templeton AIF.
The capital will be used to strengthen access to affordable private education across India, improve school infrastructure, and integrate sustainable, energy-efficient systems like solar power.
“The investment from BlueEarth Capital and Franklin Templeton AIF will strengthen our network of affordable private schools, while the investment from responsAbility will support the integration of clean energy solutions by fostering sustainability and long-term resilience in school operations,” said Varthana co-founder Steve Hardgrave.
Founded in 2013 by Steve Hardgrave and Brajesh Mishra, Varthana specializes in collateral-free loans tailored to the education sector. Its offerings include up to ₹5 lakh loans for private schools and student borrowers pursuing higher education, certification, and skill-building programs.
With a presence in 40 cities across 16 states, the firm claims to have supported over 12,000 private schools and disbursed more than 75,000 loans to date.
This latest raise follows a ₹75 crore debt round from OfBusiness and its lending arm Oxyzo in March 2025. So far, Varthana has raised nearly $180 million in equity and debt funding from notable backers including Elevar Equity, Omidyar Network, and ChrysCapital.
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