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.
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"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.
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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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