2024-03-26 09:55:06
Mubadala Investment Company announced; Abu Dhabi Sovereign Investment Company, for its investment in Avance Financial Services Limited; It is a technologically advanced Indian non-banking financial company focusing on education services. Mubadala had led a financing round for the company through Avendus PE Investment Advisors Private Limited, through the second Avendos Future Leaders Fund. This financing will enable the company to strengthen its position in the rapidly evolving education financing sector, with a focus on providing distinguished customer experiences and achieving profitable and sustainable growth.
This is Mubadala’s first investment in the financial services sector in India in the field of education financing, and is part of the company’s plan to double its presence in Asia by 2030.
Avance is the second largest non-banking financial company in India in the field of education finance. During its decade-long journey, the company has fulfilled the academic dreams and aspirations of various students across India, and the company’s efforts have also contributed to enhancing growth and providing capital to educational institutions. The value of the company’s assets in December 2023 amounted to regarding 5.5 billion dirhams.
Luca Molinari, Head of Asia and Financial Services at Mubadala, said: “Avans is a pioneering and well-established company that will continue its journey to empower the younger generations in India and help them achieve their goals and aspirations. We are pleased to partner with Amit and the company’s management team, along with many other distinguished organizations.” Like Warburg Pincus, Kidara Capital and IFC, we are looking forward with interest to further grow our business in that region.”
Narendra Ostawal, Managing Director and President of Warburg Pincus in India, said: “With its vision and drive to provide educational opportunities in India, Avance has become one of the leading education financing companies in India. As long-term growth investors, we are committed to supporting Amit and his team as they continue to scale the company, a commitment that has been the foundation of our partnership. We are also pleased to cooperate with Mubadala Investment Company, to work together to continue supporting Avance in achieving its long-term goals.”
Amit Jinad, Managing Director and CEO of Avance Financial Services, said: “We welcome our new strategic investors, who share our approach and vision to strengthen the education finance sector in India. We also appreciate the continued support of our existing shareholders Warburg Pincus, Kedara Capital and the International Finance Corporation. They are well aware of the significant impact of making education financing accessible and affordable, and they trust our brand and our firm belief that every student deserves the right educational opportunity, and no student should be deprived. Much of this is due to lack of funding, regardless of the social class or financial background of the person. This capital will enable us to strengthen our brand presence, integrate digital solutions and innovation to achieve greater impact within the scope of the services we provide, in addition to achieving greater value for investors and stakeholders.”
1711451286
#Mubadala #invests #Avance #Financial #Services #India
