Dvara Kshetriya Gramin Financials (Dvara KGFS), a financial services company that specialises in rural areas, has secured $7 million in debt through external commercial borrowings from Enabling Qapital.
The capital will be allocated to the startup’s ongoing lending activities and the development of wealth opportunities in remote rural regions of India. The funding was secured less than a month after the startup secured $10 million in debt from BlueOrchard Microfinance Fund.
Read also – Shivalik Small Finance Bank Secures Rs 100 Cr Funding
In the previous year, Dvara secured $14.4 million in funding through listed NCDs from the Impact Investment Exchange, which is headquartered in Singapore.
In order to guarantee a well-diversified resource profile, the organization intends to expand by 40% during the current fiscal year. Therefore, it will be imperative to investigate numerous methods of increasing liquidity.
Dvara KGFS is a medium-tier NBFC that offers loans and other financial services to over 2.41 million clients in rural India. It employs an omnichannel strategy and maintains more than 400 branches in 110 districts across 10 states.
LVLN Murty, Managing Director and CEO, Dvara KGFS, said: “We are delighted to have this repeat round of debt raise from Enabling Qapital, and we look forward to working with them more closely in future to foster our common objectives of expanding sustainable and customer-centric financial inclusion initiatives,”
About Dvara KGFS
Founded in 2008 by Bindu Ananth, Dvara Kshetriya Gramin Financial Services Private Limited (Dvara KGFS) is a leading non-banking financial company (NBFC) that operates in remote rural areas of India.
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