Non-banking finance company Dvara Kshetriya Gramin Financial Services of the Dvara group has raised $27 million through debt funds, to fuel its growth plans in the country, the company said on Wednesday.
Dvara KGFS secured $20 million as External Commercial Borrowings from a Dutch entrepreneurial development bank -- Financierings-Maatschappij Voor Ontwikkelingslanden while the remaining $7 million was raised from investment advisory company Enabling Qapital, Luxembourg.
"This fundraising not only diversifies our lender profile but also strengthens our presence in the foreign debt market, unlocking access to lower-cost debt and ensuring a sustainable growth path for Dvara KGFS," company CFO Shilpa Bhatter said.
The funding secured is a testament to the impact that Dvara KGFS is creating in the financial inclusion space in India and would open more avenues for global partnerships, a company statement here said.
"Dvara KGFS, being a rural fintech, aims to provide holistic financial services to its customers, empowering them to enhance their financial well-being. The funds raised will enable us to expand our reach and impact in rural India," the company's Managing Director and CEO LVLN Murty said.
Dvara KGFS has a presence in 10 states with 378 branches across the country, the statement added.
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