Bengaluru-based school finance company Varthana on Thursday said it has received funding of $3 million from the Michael & Susan Dell Foundation to expand its school transformation program.
Varthana's school transformation program (STP) is an initiative aimed at improving the quality of learning in affordable private schools.
"The total investment in the proposed expansion of the STP is $10 million, of which the Michael & Susan Dell Foundation has contributed $3 million through an innovative pay-for-performance debt facility," Varthana said in a statement.
"The innovative facility allows participating schools and Varthana to be rewarded up to 10 per cent of the loan amount for improving student learning outcomes by 5 to 10 per cent," it added.
Varthana provides services such as debt financing, assessments in 337 participating schools across 5 states.