Rural area focused lender Dvara KGFS raises $7-M in debt

Dvara Kshetriya Gramin Financials (Dvara KGFS), a rural India-focused financial services company, has raised USD 7 million in debt through external commercial borrowings (ECBs) from Enabling Qapital.The startup will use the fresh funds for ongoing lending activities and creating wealth opportunities for deep rural parts of India. The funding comes less than a month after the startup had raised USD 10 million in debt from BlueOrchard Microfinance Fund.Last year, Dvara raised USD 14.4 million through listed NCDs from the Singapore-based Impact Investment Exchange.Dvara KGFS is a medium-tier NBFC that provides loans and other financial services to more than 2.41 million customers in rural India. It operates over 400 branches across 110 districts in 10 states.