Avanse Financial Services Ltd, education focused NBFC reported an AUM (Assets Under Management) of ~Rs 3,103 Crore during FY21 with 52K+ live customers. The organization witnessed a significant growth in its Profit After Tax (PAT) as compared to FY20. PAT for FY21 stands at ~Rs 38 Crore Total loan disbursed during this financial year is ~Rs 976 Crore contributing towards a net worth of ~Rs 942 Crore.
The company is focused on fulfilling education aspirations of deserving Indian students and performed significantly amidst various challenges posed by the outbreak of the pandemic.
Commenting on the performance and the year gone by, Mr. Amit Gainda, CEO, Avanse Financial Services said, “The education sector witnessed significant transformation that accelerated digital interventions at a pace never witnessed before. Amidst the uncertainties, Avanse Financial Services was driven to implement innovative solutions to power sectorial advancements. With our student centric products, we were able to aid 52K+ live customers with the necessary financial assistance and offered them a hassle-free experience throughout.”
He further added, “The year gone by was an extremely challenging year. It created a volatile, uncertain, complex and ambiguous business environment. Despite all the hindrances, Avanse Financial Services demonstrated “Resilience” in terms of ensuring smooth business continuity even amidst the most difficult phase. Though it was a tough year for most of the sectors, yet education has been one of initial sectors to get back on track. Education is an important aspect of the Indian culture and thus, education financing is a multi-decade secular growth opportunity in India. This country is a land full of opportunities. With the help of its favorable demographics, India is capable of achieving a sustained growth rate for a prolonged period of time. The primary reasons behind the fast recovery of the economy are: (a) Efforts of the Indian Government to revive the economy by introducing several policy tools, (b) Positive news of the drug to fight the pandemic, and (c) RBI’s stimulus packages. These policies cumulatively gave new hope to build a resilient Indian economy post-COVID crisis.”
Avanse raised a total sum of Rs 250 Crore under government initiatives. Of this, Rs 100 Crore was raised through the Targeted Long-Term Repo Operation (TLTRO) window 2.0 by RBI from leading public sector banks and Rs 150 Crore under the Partial Credit Guarantee (PCG) Scheme.
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In addition to this, Avanse also raised ~$15 million from World Business Capital Inc. and this was backed by guarantee from US International Development Finance Corporation via External Commercial Borrowing (ECB) route. The funds raised were utilized to help more deserving Indian students fulfil their educational aspirations and towards the development of the overall education ecosystem.
Avanse has fulfilled educational dreams of ~1.2 Lakhs academic aspirants across ~12,000 institutes and courses in ~50 countries. Avanse has also provided growth and working capital to ~1K educational institutes catering to over ~5-6 Lakhs students. For more information, please visit www.avanse.com.
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