PhysicsWallah retreats from direct student lending as FinZ loan book heads to Auxilo
Edtech firm PhysicsWallah (PW) has moved decisively to reduce its exposure to direct student lending, with its wholly-owned subsidiary FinZ Finance agreeing to sell a Rs 95.79 crore loan portfolio to Auxilo Finserve, an RBI-registered NBFC focused on education finance.
Via YourStory
The deal covers a substantial or major part of FinZ’s loan book and is expected to result in a partial closure of its lending operations, PW said, adding the transition of the loans and borrowers should be completed within 60 days.
The significance of this move lies in the speed of the reversal.
In its October 4 filing, PW said “the closure of substantial/major part of the total loan portfolio of FinZ Finance forms part of a broader strategic realignment,”…
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