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DVARA KGFS bags $10 Mn in debt round

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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).