Avanse raises Rs 800 cr from Kedaara, Warburg continues to be majority owner
Education loans focused non-bank lender Avanse Financial Services on Thursday announced a Rs 800 crore fundraise from private equity fund Kedaara Capital.
Global private equity major Warburg Pincus will continue to be a majority shareholder in the company, which plans to deploy the newly raised funds to expand its presence, as per an official statement. Its overall assets under management have grown 1.9x to Rs 8,000 crore in 2022, the statement said, adding that in April-December 2022, it disbursed Rs 4,850 crore in loans to students. So far, it has given loans to 3 lakh academic aspirants in over 3,000 institutes in 50 counties to pursue over 25,000 courses, the statement said.
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The company has also provided growth and working capital to 1,000 educational institutes catering to over 5-6 lakh students. The company’s managing director and chief executive Amit Gainda said it is in the midst of an exciting phase of growth. “As the world recovered post the pandemic, we witnessed a significant resurgence of students seeking higher education at international locations,” he said, adding the growth capital will help the brand proposition, integrate digital solutions and deepen product range.
“The fresh primary infusion will significantly improve the company’s capitalisation, providing a strong base for future growth,” Kedaara’s managing director Kartikeya Kaji said. The PE fund’s managing partner and Co-chief executive Sunish Sharma said it will use its operational expertise and experience in the financial services space to help Avanse realise their long-term vision.
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