ISFC received commitment of $30 mn to deploy into the education financing sector
Mumbai: ISFC is excited to announce that we have tied up Equity, debt, co – lending and asset sale facilities of $30 mn from a stellar consortium led by its shareholder Gray Matters Capital and other partner NBFCs including Incred, U GRO and Profectus Capital. The funds will be used to fulfil their vision of becoming India’s largest Education financing lending partner.
The new investment round and joint lending partnership will enable ISFC to expand its current partner network from 6500 schools to 15000. In addition, it will introduce significant offerings focusing on student financing for K-12, coaching and skill development, by disbursing more than $100MM USD over the next 2 years, ISFC will cement their leadership and become the trusted lending partner to every stakeholder in the education sector.
Erika Norwood, President and CEO, Gray Matters Capital is confident about the renewed focus: “We believe this sector is undervalued and will go through a significant evolution and expansion in the next few years. GMC is committed to supporting ISFC in its mission to become the largest Education financing player in India.”
The company has also strengthened its leadership team by bringing in Sandeep Wirkhare as MD and CEO and empowering him with a new board comprising senior professionals from the lending and education sector. Mr. Sandeep Wirkhare brings more than two decades of Financial Services experience across SME Lending, Risk and Technology and has in-depth experience in building and managing large NBFC’s.
Reflecting on the new appointment, Sandeep said, “our focus will be to capitalize on our strength by partnering with institutions to help them digitize their operations in the coming year, and to drive the engine of growth by consolidating our conventional lending offerings and aggressively pursue student financing for K-12 schools, coaching, and skill development courses. The future is driven by education and IFSC plans to be the leading enabler by becoming the preferred choice of lender to all players in this space.”