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