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Varthana Finance Private Limited
Varthana Finance Private Limited (VFPL)—formerly Thirumeni Finance Pvt Ltd—is an RBI-registered, non-deposit accepting NBFC headquartered in Bangalore. Established in 2013, VFPL is India’s largest lender to affordable private schools, providing loans for school upgrades and expansions. As of March 2024, the company has financed 3,722 schools and supported 20,859 students.
Sector Focus
Education Financing (NBFC)
Highest Credit Rating
BBB Stable by CRISIL
Listing (Debt)
BSE
Date of NBFC License by RBI
2013
Business & Products
Lending- Secured & unsecured school loan & student loan
Promoter
Steve Hardgrave
Brajesh Mishra
Executive Director, Ex – Business Head -ICICI
Key Management Personnel
Yogesh Gaat
CBO, Ex- CEO & Managing Director -Karvy Financial Services Limited
Brajesh Mishra
Executive Director, Ex – Business Head -ICICI
Yogesh Mashalkar
CTO, Ex – IBM, HCL Technologies
Bonds issued by Varthana Finance Private Limited
Financial Performance
| Particulars | FY24 (₹ in cr) | FY23 (₹ in cr) |
|---|---|---|
| AUM | 1281 | 938.4 |
| NET WORTH | 537.5 | 402.6 |
| REVENUE | 284.2 | 187 |
| PAT | 30.9 | 5.44 |
| CRAR% | 41.06 | - |
| GNPA% | 2.84 | -8.4 |
| Gearing (times) | 2.0 | 1.2 |
Credit Rating
| Credit Rating Agency | Rating | Rating Outlook | Date |
|---|---|---|---|
| CRISIL Limited | BBB | Stable | -- |
Top Lenders to Varthana Finance Private Limited
IDFC FIRST Bank Limited
AU Small Finance Bank Limited
ESAF Small Finance Bank Limited
Utkarsh Small Finance Bank Limited
Bandhan Bank Limited
ICICI Bank Limited
Strength
Healthy capitalization metrics supported by regular capital raising
Significant experience of the promoters in the school finance industry
Weakness
Modest, albeit improving, asset quality
Improving profitability, however constrained by high credit costs
Important Links
Source:
Investor Presentation & Information Memorandum of Varthana Finance Pvt Ltd
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India Bond Private Limited
CIN: U67100MH2008PTC178990
SEBI Registration No.: INZ000311637
NSE Member ID - Debt Segment: 90316
BSE Member ID - Debt Segment: 6811
CIN: U67100MH2008PTC178990
SEBI Registration No.: INZ000311637
NSE Member ID - Debt Segment: 90316
BSE Member ID - Debt Segment: 6811
Registered Address: 605, 6th Floor, Windsor, Off CST Road, Kalina, Santacruz - (East), Mumbai – 400 098.
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