Dvara Kshetriya Gramin Financials (Dvara KGFS), an NBFC operating in remote rural areas of India, has secured $14.4 million in funding through listed non-convertible debentures (NCDs) from Impact Investment Exchange (IIX).
IIX provided Dvara KGFS with debt capital from the $100 million Women’s Livelihood Bond 6 (WLB6). Last month, Dvara KGFS also raised $27 million in debt capital from the Dutch company FMO and Enabling Capital.
In a press release, Dvara KGFS stated that these funds will contribute to the movement’s objective of mobilizing $10 billion to empower 100 million women, girls, and gender minorities by 2030.
Dvara KGFS aims to impact 87,900 women and girls during the four-year tenure of WLB6, utilizing the IIX Values platform for impact measurement.
Under the leadership of LVLN Murty, Dvara KGFS focuses on enhancing the well-being of individuals, nano, and micro-businesses in rural India. It operates over 400 branches across 10 states, including Tamil Nadu, Uttarakhand, Uttar Pradesh, Chhattisgarh, Jharkhand, and Bihar.
In February, the company surpassed Rs 2,000 crore in Assets Under Management (AUM).
Dvara KGFS achieved a 33% growth in scale, reaching Rs 380.5 crore in FY23 compared to Rs 285.9 crore in FY22. According to the company’s consolidated financial statements, it also turned profitable during the year, recording Rs 12.6 crore in profits, compared to a loss in FY22.
