Dvara KGFS enters Andhra; secures $10 million from Triple Jump
The GGSF's strategy addresses the gender gap by equitably providing responsible and accessible financial services to traditionally underserved women as well as women-owned and women-led businesses in developing markets.
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CHENNAI: Dvara Kshetriya Gramin Financial Services Private Limited (Dvara KGFS), a leading rural NBFC, dedicated to fostering financial inclusion in deep rural villages across India, increases its footprints by entering Andhra Pradesh.
Additionally, it has also successfully raised subordinated debt of $5 million and senior secured debt of $5 million through external commercial borrowings (ECBs) from Triple Jump as portfolio manager of the global gender-smart fund (GGSF).
The GGSF's strategy addresses the gender gap by equitably providing responsible and accessible financial services to traditionally underserved women as well as women-owned and women-led businesses in developing markets.
LVLN Murty, MD-CEO, Dvara KGFS, said, "This funding will strengthen our financial foundation and enable us to reach more under-resourced communities with more use-case financing solutions. The proceeds from the fundraiser will be used towards providing micro enterprise loans to women beneficiaries. The company recognises its enterprise loans product as a key growth driver and in an endeavour to shore up the portfolio, the company has forayed into the new geography of Andhra Pradesh. With this foray, the company has now diversified its presence to 11 states across the country.”
Shilpa Bhatter, CFO, Dvara KGFS, added, "The subordinated debt facility will help fortify our capital adequacy and provide the desired runway for the company to achieve its growth initiatives.”
