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Dvara Kshetriya Gramin Financials (DVARA KGFS), an NBFC operating in remote rural parts of India, has raised $10 million in a debt funding round from BlueOrchard Microfinance Fund.
The firm will utilise the fund for expansion plans and strengthen its efforts to empower underserved communities nationwide.
Through issuing non-convertible debentures (NCDs) from Impact Investment Exchange (IIX) in March of this year, the NBFC raised $14.4 million earlier in this round.
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KGFS has more than 400 branches in ten states, including, among others, Tamil Nadu, Uttarakhand, Uttar Pradesh, Chhattisgarh, Jharkhand, and Bihar.
Founded in 2008 by Bindu Ananth, 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. It has over 400 branches across 10 states, including Tamil Nadu, Uttarakhand, Uttar Pradesh, Chhattisgarh, Jharkhand, and Bihar.