Rao Edusolutions Bags Fund From Avendus Capital
Educational coaching services provider Rao Edusolutions Pvt. Ltd, which operates under the brand name Rao IIT Academy, has raised structured debt worth Rs 55 crore ($8.6 million) from Avendus Finance, the credit solutions arm of Avendus Capital.
Rao Edusolutions will use the credit to scale up its coaching services business and refinance existing loans, Avendus Finance.
Incorporated in 2013, Rao Edusolutions operates a chain of coaching centres for those who wish to join IITs and medical colleges. The company has a network of 27 centres spread across four states—Maharashtra, Delhi, Gujrat and Rajasthan with more than 5,500 students.
Vinay Kumar, promoter and chief executive officer of Rao Edusolutions said “Avendus Group has emerged as a partner, providing constant guidance and support.”
Sandeep Thapliyal, managing director and chief executive officer of Avendus Finance said “Kumar has demonstrated the ability to scale up the educational coaching business. His well-thought-out approach to future expansion has given us the confidence to help the firm accomplish the same”.
Avendus Finance, a subsidiary of Avendus Capital, was set up in November 2016. It specialises in providing customised structured credit solutions.