PE Fund Investments
Rural India-focused fintech co Dvara KGFS raises $27-M
Chennai-headquartered Dvara KGFS , a fintech firm, has mobilised USD 27 million in debt funds. The company secured USD 20 million as external commercial borrowings (ECBs) from Dutch entrepreneurial development bank FMO while the remaining USD 7 million was raised from investment advisory company Enabling Qapital, Luxembourg.The company aims to use the proceeds of the ECBs to lend onwards, focusing on supporting microfinance and microbusiness loans for customers in regions with limited access to formal credit channels.The company has assets under management (AUM) of over INR 2,000 crore. It claims to have a presence across 10 states with 378 branches, with 10,281 digital agents reaching more than 2.38 million customers.
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