Business EconomyPosted at: May 25 2024 6:46PM


DVARA KGFS secures USD 10 mn in debt financing

Chennai, May 25 (UNI) Dvara Kshetriya Gramin Financials Pvt Ltd (Dvara KGFS), a financial services company dedicated to maximizing financial well-being in rural India, today, announced the successful debt raise of USD10 million to fuel the company's expansion plans and strengthen its efforts to empower underserved communities across the country.
The funds were secured from BlueOrchard Microfinance Fund, a global impact investor dedicated to creating positive development impact.
The debt was raised through the issuance of listed non-convertible foreign currency bonds under the External Commercial Borrowings route, a release from Dvara KGFS said.
The bonds are listed in the India International Exchange, GIFT City, Gujarat, India's first operational smart city and International Financial Services Centre (IFSC), which has emerged as a nucleus for global financial transactions, fostering a conducive environment for seamless capital flow to India. Leveraging this promising ecosystem, Dvara KGFS capitalized on the opportunity to access foreign debt while also gaining international visibility.
“In a great start to a very promising year, we are delighted to announce the debt raise from BlueOrchard,” said Mr. LVLN Murty, Managing Director & CEO of Dvara KGFS. “The company aims to grow by 40% in the current financial year, and exploring various avenues of raising liquidity will be critical to ensuring of a well-diversified resource profile. Our increased partnerships with like-minded foreign funds working in the impact space will be instrumental in expanding our reach and empowering even more underserved communities by providing them with access to critical financial services.”
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