Accion Venture Lab, the seed-stage investment vehicle of financial inclusion focused onrganization Accion, held its first exit.
It sold its stake in Varthana, a Bengaluru-based provider of specialized loans and support to affordable private schools in India, promoting access to and the quality of education for India’s poor and emerging middle class.
Venture Lab led the first institutional investment round in Varthana in May 2013. As of August 2016, the company has supported more than 2,000 schools, 38,000 teachers, and one million students, and has disbursed more than $35 million to schools that serve lower and middle income Indians.
In Spring 2016, Varthana – led by Steve Hardgrave, CEO and Co-Founder – raised a $14 million Series B financing round.