Dvara KGFS raises $7M in debt from Enabling Qapital
The funding comes less than a month after Dvara KGFS had raised $10 million in debt from BlueOrchard Microfinance Fund.
Dvara Kshetriya Gramin Financials (), a rural-focused financial services company, has raised $7 million in debt through external commercial borrowings from Enabling Qapital.
The startup will use the capital for ongoing lending activities and creating wealth opportunities for deep rural parts of India. In fact, the funding comes less than a month after the startup had raised $10 million in debt from BlueOrchard Microfinance Fund.
"We are delighted to have this repeat round of debt raise from Enabling Qapital, and we look forward to working with them more closely in future to foster our common objectives of expanding sustainable and customer-centric financial inclusion initiatives," said LVLN Murty, Managing Director and CEO of Dvara KGFS.
"The company aims to grow by 40% in the current financial year, exploring various avenues of raising liquidity will be critical to ensuring a well-diversified resource profile," Murty had said during the previous round.
Last year, Dvara raised $14.4 million through listed NCDs from the Singapore-based Impact Investment Exchange.
Dvara KGFS is a medium-tier NBFC that provides loans and other financial services to more than 2.41 million customers in rural India. It takes an omnichannel approach and operates over 400 branches across 110 districts in 10 states.
Edited by Suman Singh