LeapFrog Investments, a “profit with a purpose” investment firm based in Ebene, Mauritius, provided $30 million in guaranteed capital as part of a new funding round that saw $33 million secured by Auxilo Finserve, an Indian non-banking financial company (NBFC) with an emphasis on education.
Trifecta Leaders Fund-I and Xponentia Opportunities Fund-II, two current Auxilo investors, also supported the new round. The current capital round from the Mumbai-based NBFC will be used to expand customer outreach, strengthen its institutional lending division, enhance student finance, and integrate technology infrastructure throughout its whole business operations.
When Auxilo was founded in 2017, its goal was to provide loans and advances to Indian students in certain foreign locations as well as domestically.
With its “innovative model of underwriting,” the lender believes it can “offer merit-based finance to an increasingly broad range of students” by using the student’s degree choice, country of study, and test results to “predict future employability.”
LeapFrog Investments’ partner and head of digital Stewart Langdon discussed the company’s investment in Auxilo, stating that it is “dedicated to supporting springboards into prosperity across a range of sectors in India,” with interest ranging from “finance and insurance, to healthcare and clean technologies.”