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DVARA KGFS bags $10 Mn in debt round

EntrackrEntrackr · 1y ago
DVARA KGFS bags $10 Mn in debt round
Medial

Dvara Kshetriya Gramin Financials, an NBFC operating in remote rural parts of India, has raised debt of $10 million from BlueOrchard Microfinance Fund. The firm will use the fund for expansion plans and strengthen its efforts to empower underserved communities across the country. Earlier to this round, the NBFC had raised $14.4 million through listed non-convertible debentures (NCDs) from Impact Investment Exchange (IIX) in March this year. Led by LVLN Murty, Dvara KGFS focuses on the well-being of individuals and nano and micro-businesses in rural India. It leverages an omni-channel approach, offering a wide range of loans and third-party products to cater to the diverse financial needs of its clientele It has over 400 branches across 10 states including Tamil Nadu, Uttarakhand, Uttar Pradesh, Chhattisgarh, Jharkhand, and Bihar, among others. Dvara KGFS recorded 33% growth in its scale to Rs 380.5 crore in FY23 as compared to Rs 285.9 crore in FY22. As per the company’s consolidated financial statements, it also turned profitable during the year with Rs 12.6 crore profits against loss in FY22. In February this year, the firm also surpassed Rs 2,000 crore in Assets Under Management (AMU).

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NBFC Dvara KGFS raises $14.4 Mn debt

EntrackrEntrackr · 1y ago
NBFC Dvara KGFS raises $14.4 Mn debt
Medial

Dvara Kshetriya Gramin Financials, an NBFC operating in remote rural parts of India, has raised $14.4 million through listed non-convertible debentures (NCDs) from Impact Investment Exchange (IIX). IIX provided Dvara debt capital through the $100 million Women’s Livelihood Bond 6 (WLB6. Last month, Dvara KGFS raised $27 million in debt capital from Dutch company FMO and Enabling Capital. Together, Dvara KGFS will contribute to the movement’s goal of mobilizing $10 billion to empower 100 million women, girls, and gender minorities by 2030, the company said in a press release. Dvara KGFS also said that it aims to impact 87,900 women and girls over the WLB6’s four-year tenure, leveraging the IIX Values platform for impact measurement. Led by LVLN Murty, Dvara KGFS is an NBFC which focuses on the well-being of individuals and nano and micro-businesses in rural India. It has over 400 branches across 10 states including Tamil Nadu, Uttarakhand, Uttar Pradesh, Chhattisgarh, Jharkhand, and Bihar among others. In February, the firm also surpassed Rs 2,000 crore in Assets Under Management (AMU). Dvara KGFS recorded 33% growth in its scale to Rs 380.5 crore in FY23 as compared to Rs 285.9 crore in FY22. As per the company’s consolidated financial statements, it also turned profitable during the year with Rs 12.6 crore profits against loss in FY22.

FarMart bags $10 Mn through equity and debt funding

EntrackrEntrackr · 2m ago
FarMart bags $10 Mn through equity and debt funding
Medial

FarMart allotted 977 Series C CCPS at Rs 4,52,182 per share, with GC India Investment Holdings leading the round with Rs 43 crore, followed by Matrix Partners India (Z47) contributing Rs 1 crore. SaaS-based food supply platform FarMart has raised Rs 84 crore (approx $10 million) through a mix of equity and debt funding. FarMart allotted 977 Series C CCPS at Rs 4,52,182 per share, with GC India Investment Holdings leading the round with Rs 43 crore, followed by Matrix Partners India (Z47) contributing Rs 1 crore, its regulatory filing sourced from the Registrar of Companies (RoC) shows. Besides equity funding, FarMart has issued non-convertible debentures to Stride and Trifecta Venture, totaling Rs 40 crore, the filing shows. The company will use the funds for growth, expansion, and general corporate purposes, as per filings. Entrackr estimates that FarMart has been valued at around Rs 1,800 crore (around $210 million) post-allotment in the latest funding round. FarMart’s B2B platform digitizes the supply chain for agricultural inputs and produce, connecting nearby buyers and sellers to reduce logistics costs associated with long-distance transportation. The company has a strong retailer network across central and northern India, though its presence remains limited in southern states and Jammu & Kashmir. The company has raised over $60 million to date, including its $32 million Series B round led by General Catalyst, with participation from existing investors, Z47, and Omidyar Network India. According to TheKredible, FarMart’s operating revenue grew 30% year-on-year to Rs 1,341 crore in FY24, while it reported a net loss of Rs 68 crore for the same period. GC India Investment Holdings Group, Z47, and ON Mauritius are among the company’s lead investors. Farmart directly competes with Info Edge-backed Gramophone, Kalaari-backed Agrim, Krishify, and others.

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