Home Credit India Finance Private Limited has signed an agreement to acquire a 100% stake in Varthana Finance Private Limited for ₹967 crore in an all-cash deal. The transaction sees two prominent Indian law firms — Parinam Law Associates and Trilegal — advising on opposite sides of the table. The Home Credit Varthana acquisition marks a significant consolidation in India’s education-finance and NBFC landscape.
Introduction
Home Credit India Finance Private Limited executed a share purchase agreement (SPA) on 15 July 2026 to acquire 100% of the issued, subscribed, and paid-up share capital of Varthana Finance Private Limited, formerly known as Thirumeni Finance Private Limited. Parinam Law Associates advised Home Credit, a subsidiary of TVS Holdings Limited, on this acquisition.
Varthana Finance is a non-banking financial company (NBFC) that provides financing solutions to educational institutions, including schools, colleges, vocational training centres, and other education-focused organisations across India. The proposed transaction is subject to receipt of applicable regulatory approvals, including approval from the Reserve Bank of India, and fulfilment of customary closing conditions.
Deal Value
TVS Holdings Limited confirmed that Home Credit India Finance Private Limited will fully acquire Varthana Finance Private Limited through an all-cash transaction for ₹967 crore, subject to adjustments as contained in the SPA.
Legal Teams Involved
Parinam Law Associates — Advised Home Credit India Finance Private Limited
The transaction team consisted of the following members, who also worked on due diligence:
- Mallika Noorani — Senior Partner
- Manali Kshirsagar — Partner
- Akkshay D Thawani — Senior Associate
- Mudit Singh Chauhan — Senior Associate
- Sachit Kumar — Senior Associate
- Kewal R Shah — Associate
- Sharayu Joshi — Associate
- Harshita Ranka — Associate
- Ananya Chhabria — Trainee Associate
Trilegal — Advised the Institutional Investors of Varthana Finance
Trilegal advised the institutional investors of Varthana Finance on this transaction, covering all aspects including drafting, negotiation, and finalisation of the transaction documents, and continues to assist with the completion and closing of the transaction.
The transaction was led by the following team:
- Gautam Singh — Partner
- Mitali Halbe — Partner
- Aayush Jain — Senior Assocciate
- Kim Shah — Associate
Significance and Impact
The Home Credit Varthana acquisition represents a strategic deepening of TVS Holdings Limited‘s position in India’s financial services sector. The acquisition will help TVS VENU expand into education finance and strengthen its specialised lending portfolio.
Upon completion of the transaction, Varthana Finance will become a wholly-owned subsidiary of Home Credit India Finance and a step-down wholly-owned subsidiary of TVS Holdings. This corporate restructuring cements TVS Holdings‘s ambition to build a diversified, multi-vertical financial services platform within the group.
For Varthana Finance‘s institutional investors, the transaction represents a full exit, with Trilegal guiding them through the entire lifecycle of the deal — from document negotiation to closing. The involvement of two dedicated legal teams reflects the transaction’s complexity, given the regulated NBFC sector, the requirement for RBI approval, and the multi-stakeholder nature of the share purchase.
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The ₹967 crore all-cash acquisition of Varthana Finance by Home Credit India Finance is a landmark transaction in India’s education-finance and NBFC space. Parinam Law Associates and Trilegal led robust, multi-member teams across the buy-side and investor-exit mandates respectively. The deal remains subject to RBI approval and customary closing conditions, with both firms continuing to assist through to completion.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
