 "Auxilo Finserve raises Rs 470 cr; to expand loan base, product offerings")
Auxilo Finserve, an education finance-focussed NBFC, raised Rs 470 crores as primary equity capital from Tata Capital Growth Fund II, Trifecta Leaders Fund - I, and Xponentia Opportunities Fund - II, along with existing shareholder ICICI Bank Limited in its recent funding round.
The company plans to expand its loan base and product offerings and provide financial solutions to its customers with the latest capital infusion.
Neeraj Saxena, MD and CEO at Auxilo Finserve, said that the investors' keen interest in the education finance market reaffirms the sector's attractiveness and the market's confidence in its potential, business model, and growth trajectory.
The company, founded in 2017, disburses loans to students for pursuing education in India or abroad. It also provides loans to educational institutions for their infrastructure and working capital needs.
The company stated that it has funded over 7,500 students across over 900 universities in over 25 countries.
The company added that its Assets under Management (AUM) have grown at 51 per cent CAGR (Compound Annual Growth Rate) during FY20-23 and stand at Rs 1,691 Crores as of the previous financial year.
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"With a promising track record and the agility of a young and dynamic organisation, Auxilo stands out in the niche and underpenetrated space of education finance for students going abroad," said Akhil Awasthi, Managing Partner at Tata Capital Growth Fund.
The company has also launched a new offering for students pursuing job-oriented skilling, upskilling, and reskilling courses in partnership with the National Skill Development Corporation (NSDC).