Bengaluru-based NBFC buys 1,000 private schools for ₹126 cr.

March 15, 2024 11:18 pm | Updated 11:18 pm IST - Bengaluru

Bengaluru-based Varthana Finance, a non-banking finance company (NBFC) that provides loans to affordable private schools and students to pursue higher education, acquired 1,000 schools owned by India School Finance Company’s (ISFC) across 14 States for ₹126 crore, the company said on Friday.

Over 100 of these 1,000 schools are from various districts of Karnataka.

Steve Hardgrave, CEO & co-founder of Varthana, said, ‘‘Taking the ISFC portfolio under Varthana’s wing is a significant step in our journey to ensure that India’s schools are well supported to deliver quality education to the country’s 350 million young people.’‘

This may be an exemplary transaction where an impact institution helps create a product segment, stabilise and hands over a growth baton to the most like-minded institution to continue customer and employee relationships, opined Sandeep Wirkhare, CEO, ISFC, also an NBFC focused on education.