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Dvara KGFS Raises $14.4 Million to Empower Women and Promote Sustainability in Rural India

Updated: Mar 23

Dvara Kshetriya Gramin Financials (Dvara KGFS), a non-banking financial company (NBFC) focused on rural India, has secured $14.4 million through listed non-convertible debentures (NCDs) issued by the Impact Investment Exchange (IIX) as part of the $100 million Women's Livelihood Bond 6 (WLB6).


This investment underscores Dvara KGFS's commitment to gender equity and climate action. WLB6 is the largest Orange and Sustainability labelled Bond in the market. Orange Bonds support the Orange Movement's mission to empower women and girls by mobilizing $10 billion by 2030.

Dvara KGFS aims to use the funds to disburse loans focused on:

  • Joint Liability Group (JLG)

  • Micro Enterprise Loan (MEL)

  • Water, Sanitation, and Hygiene (WASH) projects

These loans will specifically benefit women borrowers and contribute to achieving multiple UN Sustainable Development Goals (SDGs), including Gender Equality (SDG 5) and Climate Action (SDG 13).


"The funds raised will be utilized to disburse loans focused on...women borrowers," said CFO Shilpa Bhatter. "The startup also aims to foster financial inclusion but also to maintain operational excellence and create sustainable value for all stakeholders involved."


Dvara KGFS has seen impressive growth with over 400 branches across 10 states. The company recently surpassed Rs 2,000 crore in Assets Under Management (AUM) and recorded a 33% growth to Rs 380.5 crore in FY23. They have also turned profitable with Rs 12.6 crore profits after a loss in the previous year.


"We are delighted to have received this funding from IIX as we continue to bolster our efforts to innovate and enhance our product offerings, while driving value for our customers and stakeholders," said LVLN Murty, MD & CEO, Dvara KGFS.


 

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