Auxilo Finserve Private Limited, a leading non-banking finance company (NBFC) focused on providing education finance in India, is raising Rs 279 crore ($33.4 million) in a funding round led by LeapFrog Investments, through its Jade Inclusion investment vehicle.

The financing will also see participation from existing investors Trifecta Leaders Fund-I and Xponentia Opportunities Fund-II.

Founded in 2017, Auxilo Finserve provides loans to students for pursuing education in India or overseas and loans to educational institutions for their infrastructure and working capital needs. The company claims to have funded 12,000 students across more than 1,100 universities in over 30 countries. It has also provided finance to over 170 educational institutes for their infrastructure expansion and working capital requirements.

The new round of capital infusion will be utilised to expand customer reach, enhance student funding, incorporate technological infrastructure across business processes, and boost the company’s institutional lending segment.

Funding for Auxilo Finserve comes a year after it snagged about $57 million (Rs470 crore) as primary equity capital led by Tata Capital Growth Fund II, Trifecta Leaders Fund–I, and Xponentia Opportunities Fund–II, along with existing shareholder ICICI Bank Ltd.

Auxilo’s Loans and advances have grown at 75% CAGR (Compound Annual Growth Rate) during FY21-24 and stand at INR 2,878 crore as of March 31, 2024.

LeapFrog primarily targets growth-stage private equity opportunities in emerging Asia and Africa, with India as its biggest market currently, followed by other Southeast Asian economies such as Vietnam, Indonesia, and Thailand. Founded in 2007, it has offices across Asia, Africa, Australia, and the UK.

Last month, LeapFrog Investments invested in Battery Smart’s $65 million Series B funding round. Separately, it jointly invested in Electronica Finance Limited’s $48 million funding round with Aavishkaar Capital.