Avanse Financial Services, an education-focused NBFC, said its AUM was 7,191 Cr at the end of the first half of FY23. The overall loan distribution during this phase is 3,369 Cr., which represents a threefold increase compared to S1 FY22. This increase is the result of pent-up demand among students zealously pursuing their academic goals, some of whom have been challenged by the pandemic. The increase in the overall demand for quality education has also contributed to the growth of the education finance sector. Avanse, as a student-centric organization, has so far fulfilled the educational ambitions of 3 lac’s academic hopefuls.
The net worth of the business is Cr$1,474. Avanse increased its revenue and profit after tax (PAT) by 1.7x and 2.2x, respectively, to 411 Cr. and 70 Cr.
After two years of disrupted campuses and flights due to the pandemic, 2022 has seen a boom in students traveling abroad. Avanse Financial Services focused on integrating technology and inventing a better future to help students achieve their educational goals. It is on a mission to close the gap between eligible students and the opportunity to access quality education by smoothing education funding and strengthening the country’s education ecosystem.
To provide a seamless education funding experience, the organization secured 390 crore through a rights issue from its current owners, Warburg Pincus, through its subsidiary Olive Vine Investment Ltd., and the International Finance Corporation. This money allows Avanse Financial Services to reach more students and help them achieve their academic goals.
Amit Gainda, Managing Director and CEO, Avanse Financial Services said: “The past two years have been a time of intense action, reflection and a lot of looking back. The whole world has accelerated its power of innovation – improvising to meet challenges and making transformation a way of life to stay on the growth trajectory. As a student-centered organization, we will continue to bridge the gap between a student’s academic aspirations and the overall expenses involved so they can walk the path to upward mobility without depending on anyone. »
He added: “Our deep expertise in the field enabled us to identify the growing demand from students to study abroad as soon as the dust of ambiguity created by the pandemic cleared. As an education-focused organization, we have made every effort to prepare ourselves to meet this requirement on time. Our performance and the overall growth of the sector echoes the growing desire of students to pursue higher education. We will continue to stay true to our goal of democratizing education and education financing in India.
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For the second consecutive year, Avanse Financial Services has been named Great Place to Work. It has won awards for “Excellence in Lending” from The Economic Times, Lentra and PWC, as well as “Most Preferred Education Institution Financing NBFC in India” from Elets and “Excellence in Education Financing (NBFC)” from RadioCity.