Auxilo Finserve, an Indian non-banking finance company (NBFC) specialising in education finance, has recently declared the successful procurement of ₹470 crores ($57m) in primary equity capital.
The substantial capital injection comes from several reputable investors including Tata Capital Growth Fund II, Trifecta Leaders Fund – I, and Xponentia Opportunities Fund – II, along with the existing shareholder, ICICI Bank Limited. The closure of this transaction awaits the necessary regulatory greenlights.
In operation since 2017, Auxilo Finserve grants loans to students for education both domestically and internationally, and supports educational institutions with infrastructure and working capital needs. With a reach extending to over 900 universities in over 25 countries, the company has fulfilled the dreams of over 7,500 students and assisted more than 150 educational institutions with their financial requirements.
The newly acquired capital is set to be utilised for fuelling Auxilo’s growth ambitions. The company plans to expand its loan base, diversify product offerings, and pioneer innovative financial solutions for its clientele.
Additional information reveals Auxilo’s impressive growth. The company’s Assets under Management (AUM) grew at a rate of 51% CAGR from FY20 to FY23, totalling ₹ 1,691 crores as of March 31, 2023. With over 250 employees, the company operates from seven key cities in India.
Auxilo Finserve CEO Neeraj Saxena said, “The capital infusion will enable the company to fuel its growth aspirations by expanding its loan base, broadening its product offerings, and providing innovative financial solutions to its customers.”
Additionally, Sandeep Bapat, Partner at Trifecta Growth Equity, highlighted that “The company’s strong management team, extensive use of technology in underwriting and collections, and infusion of significant equity financing will provide a solid foundation for Auxilo’s continued growth in the large and growing Education Loan market.”
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