Dvara Kshetriya Gramin Financials Pvt Ltd (Dvara KGFS), a major NBFC working in India’s remote rural areas, raises $14.4 million on the Impact Investment Exchange (IIX) through Listed Non-Convertible Debentures (NCDs). IIX provided Dvara with debt funding through the US$100 million Women’s Livelihood Bond™ 6 (WLB6), the market’s largest Orange and Sustainability Bond. Orange bonds are now the only asset class in emerging markets that intersects gender justice and climate action.
Dvara KGFS, a repeat beneficiary of the WLB Series, is thrilled to extend its cooperation with IIX, an investor that has invested more than $150 million in India through the Series. Dvara KGFS and IIX are dedicated to achieving positive change through innovative financial solutions.
Dvara’s involvement in IIX’s latest Orange Bond demonstrates the company’s commitment to driving good change and supporting the Orange Movement™ in India’s financial inclusion landscape. Together, Dvara KGFS will make a substantial contribution to the movement’s objective of raising $10 billion to empower 100 million women, girls, and gender minorities by 2030.
Dvara KGFS seeks to influence 87,900 women and girls over the WLB6’s 4-year duration, using the IIX Values™ platform for transparent impact measurement. The WLB6 issuance aims to impact various UN Sustainable Development Goals (SDGs), focusing on advancing SDG 5: Gender Equality and SDG 13: Climate Action. A percentage of the proceeds from Dvara will also go towards SDG 6: Clean Water and Sanitation.
“Dvara KGFS is a mission-oriented financial institution and has been working in the gender-inclusive finance space to empower women and help them become more economically resilient, especially in the country’s rural hinterlands. 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.
Shilpa Bhatter, CFO, Dvara KGFS, said, “The funds raised through the NCD issuance will be utilized to disburse Joint Liability Group (JLG), Micro Enterprise Loan (MEL), and Water, Sanitation, and Hygiene (WASH) loans for the benefit of women borrowers. Dvara KGFS remains committed to fostering financial inclusion, maintaining operational excellence, and creating sustainable value for all stakeholders.
Also Read | Dvara KGFS raises $27 million in debt financing to boost financial inclusion in deep rural India
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