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Dvara KGFS, a Chennai-based non-banking finance company, on Monday announced that it had raised €8 Million from leading European social impact funds, Invest In Visions, Germany (IIV) and Darlehenskasse Muenster, Luxembourg (DKM) in the form of external commercial borrowings (ECBs).
The company intends to deploy the ECB proceeds for their onward lending program targeted to support their microfinance and small business customers in more than 9,000 deep rural villages with little or no access to formal means of credit.
“This helps us to diversify our fundraising effort to Foreign Institutional investors (FII) and DFIs. There are a variety of small businesses that we fund in rural India which include retail shops, small dairies, agri entrepreneurs and this would help customers to restart their businesses, post covid,” Joby C O, Chief Executive Officer, Dvara KGFS said in a statement.
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