Page 71 - EW-January-2026

Affordable schools low-fees affordable schools can be
profitable and deserving of institu-
champion tional support. Beyond financing, we
introduce low-fees levying schools
to digital technologies, STEM labs,
S-born STEVE HARDGRAVE curriculum support, solar and sanita-
is the Bengaluru-based co- tion solutions, while our education
Ufounder, full-time director specialists offer teacher training and
and executive vice-chairman of guidance,” says Hardgrave
Varthana Finance Pvt. Ltd, a non- Future plans. Hardgrave’s noble as-
banking finance company, which to piration is simple and ambitious: to
date has disbursed 20,000 loans to realise a future where a child’s place
13,500 affordable private schools of birth or household income never
in 16 states and one Union territory becomes a barrier to accessing qual-
countrywide. Varthana’s clientele ity education. “Our long-term vision
includes Sristi Global School, is to become India’s most trusted
Bengaluru; The Public School, partner of affordable private schools.
Mumbai; New St. Maria School, Hardgrave: mission clarity We want to deepen our presence
Hyderabad; Sri Sathya Sai Vidya in tier II-III towns and rural areas
Vihar, Chennai; Newton HS School Atlanta (USA)-based Gray Ghost where thousands of schools don’t
of Science, Bhubaneswar and PMD Ventures and exploring school have access to reliable financing and
Academy, Lucknow, among others. financing in India, in a chance support. We also plan to broaden so-
Newspeg. Last June, Varthana encounter Hardgrave met BRAJESH lutions available to schools through
Finance secured investment aggre- MISHRA, a professional in the rural our ecosystem partners, helping
gating Rs.159 crore from three global microfinance and agri-business divi- them adopt technology, upgrade
investors including BlueEarth Capi- sion of ICICI Bank. Five years later learning environments and improve
tal, Franklin Templeton Alternative when Hardgrave had made up his daily operations in affordable and
Investments, and ResponsAbility. mind about promoting a schools fi- sustainable ways. At the same time,
History. An economics and business nancing business in India, he teamed our higher education loan vertical
management alum of the University up with Mishra. The duo invested will continue to support students as
of California, Los Angeles and the their personal savings and organised they transition into college, vocation-
Haas School of Business at UCal, seed funding of Rs.7 crore to pro- al training or other career pathways,”
Berkeley, Hardgrave began his mote Varthana (‘growth’ in Sanskrit) says Hardgrave.
professional career in 1996 in Mexico Finance Pvt. Ltd in 2013 to multiply Wind beneath your wings!
where he worked for seven years to affordable private schools in India. Paromita Sengupta (Bengaluru)
launch a savings-led microfinance Direct talk. “Varthana was founded
institution for disadvantaged com- with the clear mission to strengthen Entrepreneurship
munities. “This experience shaped affordable private schools to enable
my belief that meaningful change them to provide good quality educa-
happens when financial access is tion to children from low-income evangelists
paired with deep understanding of families. We partner closely with
how underserved families build their school owners — many of them lumnae of IIT-Delhi, SANJE-
lives and futures,” says Hardgrave. first-generation entrepreneurs — and EVA SHIVESH and SHIVANI
After returning to the US in 2003 finance them to build better class- ASINGH KAPUR are co-found-
and completing a business manage- rooms, upgrade facilities, adopt digi- ers of ThinkStartup Learning Pvt.
ment program, Hardgrave acquired tal technology and improve learning Ltd (TSL, estb.2020), a Delhi-based
valuable experience in impact environments. We also support education company providing struc-
investing with the Omidyar Network students directly through higher edu- tured entrepreneurship education
and Gray Ghost Ventures where his cation loans, ensuring their progress programmes to K-12 schools. To
work focused on expanding access beyond school. Although affordable date TSL has signed up 45 schools in
of socio-economically disadvantaged private schools play a critical role seven cities to nurture innovation,
communities to capital, and improv- in Indian K-12 education, they are problem-solving and entrepreneurial
ing education outcomes in emerging regarded as too informal and risky skills of classes VI-XII students who
markets. for formal finance. We aim to change are mentored by a 50-member team
In 2008 while working with the this perception by proving that including 40 trained facilitators.

JANUARY 2026 EDUCATIONWORLD 71