Mubadala Investment Company, the sovereign wealth fund of the Abu Dhabi government, has invested in Mumbai-based Avanse Financial Services, a technology driven, education-focused non-banking financial company (NBFC).

The investment marks Mubadala’s first in India’s financial services sector and is part of a plan to double the fund’s exposure in Asia by 2030. Financial details of the deal have not been disclosed.

Avanse is the second largest NBFC in India and has been on a strong growth trajectory as it consolidates its role in the country’s education financing sector.

The injection of funds will enable Avanse to strengthen its position in India’s rapidly evolving education financing segment.

Global private equity firm Warburg Pincus holds the majority stake in Avanse. International Finance Corporation (IFC), the private sector arm of the World Bank, and Avendus PE Investment Advisors are the other shareholders.

“Avanse is an established leader in a market that will continue to enable young generations of Indian students to fulfil their aspirations,” says Luca Molinari, head of Asia and financial services at Mubadala. “We are thrilled to partner with the management team of Avanse alongside institutions of the calibre of Warburg Pincus, Kedaara Capital and the IFC. We look forward to further enabling the growth of the business.”