New Delhi, Oct 12 (PTI) Bengaluru-based school finance company Varthana today said it has received funding of USD 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 USD 10 million, of which the Michael & Susan Dell Foundation has contributed USD 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.

This is published unedited from the PTI feed.