Dvara KGFS, a Non-Banking Finance Company (NBFC), raised USD 10 million in debt capital. The money obtained will be useful in increasing the company’s capital sufficiency and boosting its growth goals for the current fiscal year.
Triple Jump Financial Inclusion Resilience Fund B.V., based in Netherlands, has provided USD 5 million in subordinated debt in the form of External Commercial Borrowings (ECBs) in accordance with Reserve Bank of India standards.
“This strategic partnership will further strengthen DVARA KGFS’ mission to extend its comprehensive financial services to underbanked communities,” Dvara KGFS said in a statement.
Furthermore, the company raised USD 5 million in ECBs from Switzerland-based investment management BlueOrchard Finance Ltd.
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The earnings would be used to support Dvara KGFS’s onward lending programme, which aims to assist microfinance and microbusiness loan borrowers in areas with restricted access to credit channels.
“The funds raised will enable us to expand our reach and impact, driving financial inclusion in rural areas.” Dvara KGFS Managing Director and CEO LVLN Murty said.