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Dvara KGFS, a Chennai-based non-banking finance company focused on rural lending, has raised $10 million in debt under external commercial borrowings (ECBs). The funding is from Netherland-based Triple Jump Financial Inclusion Resilience Fund BV and Switzerland-based impact investor, BlueOrchard Finance.
In a press release, the company said Triple Jump Financial Inclusion Resilience Fund has provided $5 million as subordinated debt, while BlueOrchard provided another $5 million as senior secured debt. Both the fundings are under ECBs.
The company said the fundraiser will be instrumental in augmenting its capital adequacy and accelerating its growth plans in FY24.
Also read: NBFCs across the spectrum post record disbursements in FY23
A systemically important NBFC under the Dvara Group, Dvara KGFS has presence in Tamil Nadu, Uttarakhand, Karnataka, Chhattisgarh, Jharkhand, and Odisha, spread across with 378 branches with more than 1.1 million enrolled customers.
LVLN Murty, MD & CEO, Dvara KGFS, said the fundraise will enable the company to expand its reach and impact and drive financial inclusion in rural areas.
Shilpa Bhatter, CFO, Dvara KGFS, said, the fundraise has not only diversified its lender profile but also strengthened the company’s presence in the foreign debt market.
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