Dvara KGFS secures $10 mn for biz expansion

CHENNAI: Dvara Kshetriya Gramin Financials Pvt Ltd (Dvara KGFS), a rapidly growing financial services company dedicated to maximising financial well-being in rural India, on Friday announced the successful debt raise of $10 million to fuel the company’s expansion plans and strengthen its efforts to empower underserved communities across the country.

The funds were secured from BlueOrchard Microfinance Fund, a global impact investor dedicated to creating positive development impact.

The debt was raised through the issuance of listed non-convertible foreign currency bonds under the external commercial borrowings route.

The Bonds are listed in the India International Exchange, GIFT City, Gujarat, India’s first operational smart city and International Financial Services Centre (IFSC), which has emerged as a nucleus for global financial transactions, fostering a conducive environment for seamless capital flow to India.

“In a great start to a very promising year, we are delighted to announce the debt raise from BlueOrchard,” said LVLN Murty, MD-CEO, Dvara KGFS. “The company aims to grow by 40 per cent in the current financial year, and exploring various avenues of raising liquidity will be critical to ensuring of 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.”