India, April 17 -- Education-focussed non-banking finance company (NBFC) Varthana has raised INR 75 Cr (about $8.7 Mn) in a debt funding round co-led by B2B ecommerce startup OfBusiness and its financial services arm Oxyzo.

Varthana's board passed a resolution in January to issue 75,000 non-convertible debentures (NCDs) with a face value of INR 10,000 each to raise the sum, its regulatory filings sourced from the Registrar of Companies showed.

IPO-bound OfBusiness and Oxyzo each invested INR 27.50 Cr in the Bengaluru-based NBFC, while Ambium Finserve and IKF Finance infused the remaining INR 20 Cr.

Varthana plans to use the fresh capital to grow its loan book by providing financing solutions for low-budget private schools and students ...