Auxilo, an education-focused non-banking financial corporation (NBFC), has raised INR 100 crore (approximately $12 million) in a debt funding round. This round involved the issuance of non-convertible debentures (NCDs) at Rs 1,00,000 each, according to regulatory filings accessed from the Registrar of Companies (RoC).
Dezerv Securities contributed Rs 26.39 crore, while MAS Financial Services and CredAvenue Securities (Yubi) invested Rs 25 crore. The remaining balance is expected to be released soon. The regulatory filing added that the NCDs issued to MAS Financial and CredAvenue (Yubi) have a 36-month tenure with an interest rate of 9.65%, whereas those issued to Dezerv have a 29-month tenure with an annual coupon rate of 9.90%.
Founded in 2017, Auxilo offers student loans for pursuing education within India or abroad. The platform also extends loans to educational institutions for infrastructure and working capital requirements. Since its inception, the company claims to have provided education loans to over 12,000 students across more than 1,100 universities and education institutes in over 30 countries. In the next five years, it aims to disburse Rs 25,000 crore worth of loans to more than 150,000 students in India and overseas.
The company believes that every student has the right to quality education. It is taking steps to ensure that students acquire the knowledge, skills, and dispositions that they need to achieve their individual goals and maximize their contribution to society and the country as a whole.
A significant gap needs to be addressed in the Indian educational framework. To bridge this gap, as an Education Ecosystem Enabler and a growth-focused, socially responsible, fair lender, Auxilo provides financial support to an extensive network of students as well as a variety of schools, colleges, and universities to build a nation that takes pride in producing exceptional minds. With each passing second, India becomes more aspirational, and the organization calls for thriving in nurturing these aspirations and assisting millions of Indians and hundreds of educational institutions in becoming more globally competitive.
Since its establishment, Auxilo has raised over $145 million in equity and debt, including a $57 million fundraising round led by Tata Capital Growth in July last year.
