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NBFC Worth's Finance successfully acquired India School Finance Company's school portfolio

Finance of NBFC Worth has acquired ISFC portfolio. Taking the ISFC portfolio under Varthnan's wing is an important milestone in our journey to ensure that India's schools are well supported to deliver quality education to the country's 35 crore youth.
1 Month ago

In a significant development for the education finance landscape in India, Worth Finance, a leading non-banking finance company (NBFC) providing affordable loans to private schools and students for pursuing higher education, today announced the successful completion of its acquisition of the school portfolio of Indian School Finance Company (ISFC).

This transaction marks a significant turning point in the sector representing a meaningful passing of the torch from ISFC to Worth, reflecting a legacy of commitment and vision for the future of affordable education in India.

This acquisition strategically consolidates the top player's dedication to serving India's 400,000 private schools, by expanding their reach and impact across a vast network of educational institutions. The involvement of Worth's founders in the launch and early years of ISFC goes beyond traditional business practices, adding significant depth to the collaboration. The sale marks a cordial exchange of stewardship, with Worthen poised to advance ISFC's mission of promoting affordable education development in India.

Steve Hardgrave, CEO and co-founder of WorthNan says, “Taking the ISFC portfolio under WorthNan's wing is an important step in our journey to ensure that India's schools are well supported to deliver quality education to the country's 350 million youth. It's especially special because our relationship with ISFC has come full circle, and we feel honored to continue that legacy. We also know how uniquely committed Bob is to investing in new and impactful ideas. We are thrilled to play a small role in helping to recycle this catalytic capital toward the next generation of pioneering initiatives that need support to take flight.”

Central to the transaction was Bob Pattillo, founder of Gray Matters Capital, a US 501 c(3) foundation focused on impact investing. Recognizing the early need for specialized financing for affordable private schools in India, he founded ISFC in 2009, Bob has also influenced the establishment of school finance banks globally. Today, school loans in the affordable school segment act as a catalyst for developing quality education in low-income communities.

Commenting on the sale, Bob Pattillo says, “The combination of ISFC's rich heritage with value will greatly enhance what can be achieved in the field of education finance in India, and ensure that future generations can access a decent education. I am very proud that through ISFC, we have supported 50 lakh children from below 15 income families, sparking a movement that has seen mainstream commercial lenders recognize the value of this segment. Our foundation's mission is accomplished, and while ISFC has successfully passed the tests of Covid, our choice reflects our perceived judgment that these schools can serve the best interests of families whose children are in them. This is more significant than a cell transaction; It is not only a demonstration of how transformational capital can be when aligned with market need, driven individuals and a clear vision, but also when to pass the mission on to others who are best suited to advance the mission.”

Sandeep Virkhar, CEO, ISFC added, “This could be an illustrative transaction where an effective organization helps in building a product segment, stabilizes and hands over the growth beacon to the most like-minded organization to sustain customer and employee relationships.”

This sale is not just an exchange of assets; It also represents a hearty transfer of stewardship, with Worth well-positioned to advance ISFC's mission of advancing the development of affordable education in India. The combined strength and shared dedication of the two institutions set the stage for a promising future, ultimately contributing to the growth of the educational landscape in the country.

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