Dvara KGFS Bags USD 10 Mn in Debt Round from BlueOrchard The Tamil Nadu-based platform intends to deploy the fresh fund for expansion plans and strengthen its efforts to empower underserved communities across the country.
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Rural focused financial services company Dvara Kshetriya Gramin Financials has announced the raising of USD 10 million in debt from BlueOrchard Microfinance Fund.
The company intends to use the fresh fund for expansion plans and strengthen its efforts to empower underserved communities across the country.
The NBFC had previously raised USD 14.4 million in March of this year through listed non-convertible debentures (NCDs) from the Singapore-based Impact Investment Exchange (IIX).
LVLN Murty, Managing Director and CEO of Dvara KGFS, said, "The company aims to grow by 40% in the current financial year, and exploring various avenues of raising liquidity will be critical to ensuring a well-diversified resource profile."
"Our increased partnerships with like-minded foreign funds working in the impact space will be instrumental in expanding our reach and empowering even more underserved communities by providing them with access to critical financial services," he added.
Incorporated in August 2008 by Dvara Trust and led by LVLN Murty, Dvara KGFS is a medium-tier NBFC that provides loans and other financial services to more than 2.41 million customers in rural India.
It takes an omni-channel approach and operates over 400 branches across 110 districts in 10 states, including Tamil Nadu, Uttarakhand, Uttar Pradesh, Chhattisgarh, Jharkhand, and Bihar, among others.
