The fresh proceeds will be deployed by Dvara KGFS to aid its expansion and initiatives to support underserved communities
This comes days after Dvara KGFS raised $14.4 Mn from Impact Investment Exchange (IIX) via listed non-convertible debentures in March
The firm has raised a total funding of $38 Mn to date
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Dvara Kshetriya Gramin Financials, a non-banking financial company focused on remote rural regions, has reportedly raised $10 Mn (around INR 83 Cr) in debt funding from social impact investor BlueOrchard Microfinance Fund.
As per Entrackr’s report, the fresh proceeds will be deployed by the company to aid its expansion and initiatives to support underserved communities.
This comes days after Dvara KGFS raised $14.4 Mn from Impact Investment Exchange (IIX) via listed non-convertible debentures in March.
According to Tracxn, the firm has raised a total funding of $38 Mn to date.
It offers money transfers, bill payments, cash withdrawals, crop loans, jewel loans, savings and recurring deposits, and operates in both the B2C and B2B spaces within the fintech segment.
Founded in 2008, Dvara KGFS is a Chennai-based fintech company. Incorporated by Dvara Trust, a private trust, the firm is led by LVLN Murty, who serves as the managing director and CEO.
Dvara KGFS offers financial services to low-income households and small businesses. The company provides a range of financial products such as savings, credit, insurance, and investment services.
It claims to have over 400 branches across 10 states, including Tamil Nadu, Uttarakhand, Uttar Pradesh, Chhattisgarh, Jharkhand, and Bihar, among others and a workforce of 2,800 employees.
Over the last decade, the Indian financial landscape has undergone significant growth and digital transformation, making traditional financial services accessible through robust digital channels.
Recently, fintech startup Propelld raised a debt funding of $25 Mn (about INR 208 Cr) for its non-banking financial company (NBFC) Edgro Finance.
Neobank Fi also became the latest fintech startup to secure a NBFC licence from the Reserve Bank of India (RBI).
Besides, digital lending platform RupeeRedee’s NBFC arm FincFriends raised $7.8 Mn, in a mix of debt and equity, in a strategic round led by InCred Finance and Grow Money Capital.
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