PhysicsWallah sells Rs 96-crore FinZ loan book to Auxilo, winds down direct lending
PhysicsWallah‘s wholly owned subsidiary FinZ Finance has agreed to sell the bulk of its loan book to Auxilo Finserve, an education-focused non-banking financial company (NBFC), for Rs 95.79 crore. The sale all but ends the edtech company’s short-lived run as a direct lender to students.
FinZ Finance signed a deed of assignment with Auxilo on October 3 for the sale, transfer and assignment of a loan portfolio worth Rs 95.79 crore, PhysicsWallah said in a filing to the National Stock Exchange (NSE) and BSE on Sunday. The consideration for the deal is also Rs 95.79 crore.
