DVARA KGFS FORAYS INTO ANDHRA PRADESH
FinTech BizNews Service
Mumbai, 8 July 2024 – Dvara Kshetriya Gramin Financial Services Private Limited (Dvara KGFS), a leading rural NBFC, dedicated to fostering financial inclusion in deep rural villages across India, increases its footprints by entering Andhra Pradesh. Additionally, Dvara KGFS has also successfully raised Subordinated Debt of USD 5 million and Senior Secured Debt of USD 5 million through External Commercial Borrowings (ECBs) from Triple Jump as Portfolio Manager of the Global Gender-Smart Fund.
The Global Gender-Smart Fund (GGSF), co-managed by Triple Jump, is a leading gender-lens investment fund. Its strategy addresses the gender gap by equitably providing responsible and accessible financial services to traditionally underserved women as well as women-owned and women-led businesses in developing markets. The GGSF seeks to improve livelihoods, promote women’s leadership, and enhance gender balance within financial institutions.
Triple Jump is an impact investor who believes investing in entrepreneurship will unlock the potential to overcome global challenges related to poverty, inequality, climate, and nature. Their mission is to invest capital that empowers people and improves lives.
Commenting on the successful fundraiser, Mr. LVLN Murty, Managing Director & CEO, Dvara KGFS, stated, "Partnering again with Triple Jump reinforces our shared vision of financial inclusion. This funding will strengthen our financial foundation and enable us to reach more under-resourced communities with more use-case financing solutions. The proceeds from the fundraiser will be used towards providing Micro Enterprise loans to Women beneficiaries. The company recognizes its Enterprise Loans product as a key growth driver and in an endeavour to shore up the portfolio, the company has forayed into the new geography of Andhra Pradesh. With this foray, the company has now diversified its presence to 11 states across the country.”
Ms. Shilpa Bhatter, CFO, Dvara KGFS, added, "Securing this debt from the GGSF, which is the second round of financing from Triple Jump, a like-minded impact investment manager, is a testament to our robust financial health and firm commitment to foster financial inclusion in the space where it matters the most. The subordinated Debt Facility will help fortify our Capital Adequacy and provide the desired runway for the company to achieve its growth initiatives.”
