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Amritsar, NFAPost: Non-banking financial company (NBFC) Avanse Financial Services Ltd has secured $15 million through external commercial borrowing (ECB) route from US-based financial firm World Business Capital Inc.

The education-focused NBFC plans to utilise this investment to expand its education financing program and strengthen its lending space.

“ECB is a unique way of raising funds from the best of global platforms. Based on this process, we have been able to create a new category of long-tenure social impact funding. The fund will be utilised to help more deserving Indian students to fulfil their academic aspirations. We will create strategic deployment plans to support the expansion and fulfilment of education aspirations of deserving students,” Avanse Financial Services Chief Executive Officer Amit Gainda said.

Founded in 2012, Avanse Financial Services provides loan solutions that cover school education to post-graduation and financing education institutions.

The company received this funding under the US International Development Finance Corporation women empowerment initiative.

Recently, the NBFC had raised 2.5 billion rupees under government and regulatory initiatives. Also, 1 billion rupees was raised through the Targeted Long Term Repo Operation window 2.0 by RBI from leading public sector banks and 1.5 billion rupees under the Partial Credit Guarantee Scheme.

Earlier in August 2019, private equity firm Warburg Pincus had taken controlling equity stake of 80% in Avanse Financial Services.

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