Akshata Sharma
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IPO-bound non-banking financial company (NBFC) Avanse Financial Services' net profit more than doubled to INR 342.4 Cr in the financial year 2023-24 (FY24) from INR 157.7 Cr in the previous fiscal year
The startup claimed to have clocked the second-highest profit after tax among education-focussed NBFCs in the country in the reported fiscal.
As per the company's draft red herring prospectus (DRHP), Avanse's operating revenue also jumped 74.5% to almost INR 1,727 Cr in FY24 from INR 989.6 Cr in the previous year.
Founded in 2013, Avanse provides education financing for students and educational institutions in the country. Its financing solutions cater to students' higher education in India and abroad. The company also offers skill enhancement loans.
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