Non-Banking Financial Company, Avanse Financial Services has announced that at the end of H1 FY23, its AUM stands at Rs 7,191 crore. The total loan disbursement during this phase is Rs 3,369 crore and achieved a 3x growth over H1 FY22. This growth is a result of the pent-up demand among students who are chasing their academic aspirations, some of which were affected by the pandemic. The rise in overall demand to access quality education has also positively impacted the growth of the education financing sector, an official release said. The net worth of the company is Rs 1,474 crore and the company has achieved 1.7x and 2.2x growth in its revenue and Profit After Tax (PAT), respectively, which currently are Rs 411 crore and Rs 70 crore.
Avanse aims to bridge the gap between students and their chance to access quality education by making education financing seamless and strengthening the education ecosystem of the country. To offer a seamless education financing journey, the organisation raised Rs 390 crore from its existing shareholders, Warburg Pincus, through its affiliate Olive Vine Investment Ltd. and International Finance Corporation through a rights issue. This capital enables Avanse Financial Services to reach out to more students to fulfil their academic dreams, the release said.
“As a student-centric organisation, we will continue to eliminate the gap between a student’s academic aspiration and the holistic expenses involved so that they can walk on the path leading to upward mobility without depending on anyone,”
Amit Gainda, managing director, CEO, Avanse Financial Services said.
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