Total loan distribution during this phase is 3,369 crore, a threefold increase over H1 FY22, Avanse stated in a company release
Education-focused NBFC, Avanse Financial Services, announced that at the end of H1 FY23, its Assets under management (AUM) stands at ₹7,191 crore. According to a press statement issued by the company, the total loan disbursement during this period was ₹3,369 crore, which is a threefold increase over H1 FY22. This growth is a result of students’ pent-up demand, as they pursue their academic goals with fervour, despite the fact that some of them were affected by the pandemic, the company release stated.
According to the press release, Avanse has a net worth of ₹1,474 crore, and the company’s revenue and Profit After Tax (PAT), which are currently ₹411 crore and ₹70 crore, have grown by 1.7x and 2.2x, respectively. It went on to say that Avanse has fulfilled the educational dreams of 3 lakh students, and that the overall demand for higher education has increased, which has been beneficial to the development of the education financing industry.
Avanse raised ₹390 crore through a rights issue from its existing owners, Warburg Pincus, through its affiliate Olive Vine Investment Ltd., and International Finance Corporation. Following two years of disruption due to the pandemic, 2022 saw an increase in the number of students studying abroad, and Avanse Financial Services would like to provide students with easy and convenient means of financing their education.
Amit Gainda, the Managing Director & CEO of Avanse Financial Services, said, “Our deep domain expertise enabled us to identify the increasing demand among students to study overseas, as soon as the dust of ambiguity created by the pandemic settled. Being an education-focused organisation, we have implemented every possible means to prepare ourselves to cater to this requirement on time. Our performance and the overall sectoral growth echo the rising desire of students to pursue higher education. We will continue to remain steadfast in our purpose of democratising education and its financing in India.”