Dvara KGFS, a fintech firm, said it mobilised $27 million in debt funds, a move that is expected to play a crucial role in augmenting the company’s liquidity and accelerating its growth plans.

The company secured $20 million as external commercial borrowings (ECBs) from a Dutch entrepreneurial development bank -- Financierings-Maatschappij Voor Ontwikkelingslanden N.V (FMO) while the remaining $7 million was raised from investment advisory company Enabling Qapital, Luxembourg.

The company aims to utilise the proceeds of the ECBs towards its onward lending program, focusing on supporting microfinance and microbusiness loans for customers in regions with limited access to formal credit channels, according to a statement.

“Dvara KGFS, being a rural fintech, aims to provide holistic financial services to its customers, empowering them to enhance their financial well-being and lifetime value. The funds raised will enable us to expand our reach and impact, driving financial inclusion in rural India,” said LVLN Murty, Managing Director and CEO, Dvara KGFS.

The company also announced that its assets under management (AUM) crossed ₹2,000 crore recently. It has a presence across 10 States with 378 branches with 10,281 digital agents reaching more than 2.38 million customers.

Related Topics
comment COMMENT NOW