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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).

NBFC Varthana secures $15 Mn from BlueOrchard Microfinance Fund

EntrackrEntrackr · 7m ago
NBFC Varthana secures $15 Mn from BlueOrchard Microfinance Fund
Medial

Non-Banking Finance Company (NBFC) Varthana has secured $15 million (about Rs 120 crore) in funding from BlueOrchard Microfinance Fund, managed by BlueOrchard. The proceeds will be utilized to expand its lending portfolio, providing private schools and vocational students in tier II and tier III cities with essential financial support for infrastructure enhancement and skill-based learning initiatives, Varthana said in a press release. Co-founded in 2013 by Steve Hardgrave and Brajesh Mishra, Varthana provides loans to affordable private schools and students pursuing domestic higher education in India. The platform aims to transform affordable education in India by catering to the needs of affordable private schools through financial assistance and academic support. It also aims to serve domestic students attending college, technical training/short-term courses, and postgraduate studies by providing them with loans to continue education. According to Varthana, it intends to bridge the education gap in India by empowering affordable education institutions and improving learning outcomes for millions of students. Through its innovative solutions, it claims to have enabled thousands of private schools to upgrade their facilities and enhance teaching standards, driving measurable improvements in student success. Varthana states that it has played a crucial role by financing more than 11,000 affordable private schools and facilitating over 16,500 loans for school expansion and renovation. With a presence in 16 states/union territories and 40 branches, it also extends its services to Tier III and Tier IV cities. The company aims to make education accessible to over 10 million students by 2025.

Exclusive: Lendingkart raises Rs 100 Cr debt from Stride Ventures

EntrackrEntrackr · 1y ago
Exclusive: Lendingkart raises Rs 100 Cr debt from Stride Ventures
Medial

Small and medium enterprises focused digital lending platform Lendingkart has secured Rs 100 crore ($12 million) in debt and Rs 8 crore (nearly $1 million) in equity from Stride Ventures. This is the second major debt closure by the Ahmedabad-based firm in the past year. The board at Lendingkart has passed a board resolution to issue 10,000 non-convertible debentures and 454 Series D5 CCPS to raise Rs 108 crore or $13 million, its regulatory filing accessed from the RoC shows. As per the filings, the Temasek-backed company has raised Rs 318 crore ($38 million) in debt to date. Lendingkart will receive the debt fund in two tranches of Rs 50 crore ($6 million) each and it will carry a coupon rate of 14% per annum. According to the startup data intelligence platform TheKredible, the company has been valued at around $690 million post-allotment. Just last month, LendingKart raised $10 million through external commercial borrowing (ECBs) from a fund managed by BlueOrchard. As of now, Lenskart has mopped up Rs 1,050 crore ($126 million) in equity capital from investors like Fullerton, Bertelsmann, Mayfield India, Saama Capital, Sistema Asia and India Quotient. Lendingkart disburses loans with an average ticket size of Rs 5 lakh to Rs 6 lakh to MSME business owners. As per its website, it has disbursed over Rs 18,700 crore to over 300,000 businesses present in 4,100 cities. Lendingkart performed well in FY23 as its revenue from operations grew by 33.4% to Rs 858 crore. Meanwhile, the firm also posted Rs 119 crore profit in the same period. It’s yet to file annual financial results for FY24. As per a media report, the company is planning for an initial public offering (IPO) by next year. Lenskart is targeting to cross Rs 10,000 crore in assets under management before going public.

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