Dvara KGFS Secures $10 Million for Expansion

Chennai, May 25 (PTI) Dvara Kshetriya Gramin Financials Pvt Ltd has raised USD 10 million from BlueOrchard Microfinance Fund to fuel its expansion plans, the company said on Saturday.

The financial services company would utilise the funds raised to strengthen its efforts in the underserved communities across the country as it aims to grow 40 per cent in the current financial year, company Managing Director and CEO LVLN Murty said.

BlueOrchard Microfinance Fund is a global investor and the debt was raised through the issuance of listed non-convertible foreign currency bonds under the External Commercial Borrowings route.

"In a great start to a very promising year, we are delighted to announce the debt raise from BlueOrchard. The company aims to grow by 40 per cent in the current financial year and exploring various avenues of raising liquidity will be critical to ensuring a well-diversified resource profile," Murty said in a company statement.

"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," he added.