BlueOrchard Microfinance Fund has provided $10 million in debt to Dvara Kshetriya Gramin Financials, an NBFC that operates in isolated rural areas of India.
The company intends to expand and bolster its efforts to empower marginalized communities nationwide with the help of this fund.
Before this round, in March of this year, the NBFC had raised $14.4 million from Impact Investment Exchange (IIX) through listed non-convertible debentures (NCDs).
In rural India, Dvara KGFS, led by LVLN Murty, is concerned with the welfare of people as well as nano and microbusinesses. It meets the various financial needs of its clientele by using an omni-channel strategy and providing a large selection of loans and third-party products.
It is spread throughout ten states, with more than 400 branches, including Tamil Nadu, Uttarakhand, Uttar Pradesh, Chhattisgarh, Jharkhand, and Bihar.
Dvara KGFS also exceeded Rs 2,000 crore in Assets Under Management (AMU) in February of this year.
