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NBFC Dvara KGFS raises $14.4M in debt from Impact Investment Exchange

Sumit Vishwakarma
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Dvara KGFS

Dvara KGFS

Dvara Kshetriya Gramin Financials (Dvara KGFS), a non-banking financial company (NBFC) focused on remote rural regions of India, has raised $14.4 million through listed non-convertible debentures (NCDs). 

The investment was led by Impact Investment Exchange (IIX) as part of the $100 million Women’s Livelihood Bond 6 (WLB6).

A commitment to gender equity and climate action

The investment through WLB6, which is known as the largest Orange and Sustainability labelled Bond in the market, underscores Dvara KGFS's dedication to gender equity and climate action. 


Orange Bonds, unique for their focus on these critical areas, supports the Orange Movement’s mission to mobilize $10 billion by 2030 for empowering 100 million women, girls, and gender minorities.

Dvara KGFS aims to impact 87,900 women and girls over the four-year tenure of WLB6, contributing to multiple UN Sustainable Development Goals (SDGs), including Gender Equality (SDG 5) and Climate Action (SDG 13).

What is the purpose of fundraising?

According to CFO Shilpa Bhatter, The funds raised will be utilized to disburse loans focused on Joint Liability Group (JLG), Micro Enterprise Loan (MEL), and Water, Sanitation, and Hygiene (WASH) projects, specifically benefiting women borrowers. 

The startup also aims to foster financial inclusion but also to maintain operational excellence and create sustainable value for all stakeholders involved.

Dvara KGFS growth

Dvara KGFS claims to have witnessed remarkable growth, with over 400 branches across 10 states, including Tamil Nadu, Uttarakhand, Uttar Pradesh, and Bihar.

The company recently surpassed Rs 2,000 crore in Assets Under Management (AUM) and recorded a 33% growth in scale to Rs 380.5 crore in FY23, turning profitable with Rs 12.6 crore profits against a loss in the previous fiscal year.

"Dvara KGFS is a mission-oriented financial institution and has been working in the gender-inclusive finance space to empower women and help them become more economically resilient, especially in the country's rural hinterlands. We are delighted to have received this funding from IIX as we continue to bolster our efforts to innovate and enhance our product offerings, while driving value for our customers and stakeholders," said LVLN Murty, MD & CEO, Dvara KGFS.