Indian School Finance Company raises USD 6 Million in Series A funding from Gray Matters Capital
Indian School Finance Company (ISFC) has raised USD 6 Million in Series A funding from social venture capital firm Gray Matters Capital. ISFC is a Hyderabad-based private institutional lender to the education sector. Prior to this ISFC raised capital from Gray Ghost Ventures and Caspian Advisors. The company plans to use the newly raised funds to increase its loan ticket size and expand its client base.
ISFC is a Non-Banking Finance Company engaged in the business of lending to educational institutions and entrepreneurs managing such institutions. Neeraj Sharma, CEO, ISFC, said in a statement:
“Our company focusses on funding the education segment’s much-needed capital to build infrastructure,…Current equity infusion will provide the necessary boost required by us to leapfrog to the next level of growth.”
ISFC began its operations in December 2008 from Hyderabad and later expanded to other cities. ISFC aims to assist schools and other education institutions in capacity-building through infrastructure improvements, thereby enabling students to access quality education.
The venture caters to the entire education segment, but more particularly its focus areas include affordable private schools, private schools, play schools, private degree and vocational colleges, coaching centres, teachers, and SMEs catering goods and services to the education segment.
Robert Pattillo, founder of Atlanta-based Gray Matters Capital, said on the development:
“India has a huge base of affordable private schools, which presents a huge opportunity to scale. With the absence of significant competition, growth is possible both by going deep and going wide,”
Per company claims IFSC has distributed more than 3,000 loans across 13 states and will expand to two more states by the end of this year. Gray Matters Capital actively invests in sustainable, replicable business models that benefit underserved populations in developing countries and was founded in Atlanta in 2006.