Listed non-convertible debentures (NCDs) from Impact Investment Exchange (IIX) have helped Dvara Kshetriya Gramin Financials, an NBFC that operates in isolated rural areas of India, raise $14.4 million.
Dvara received debt capital from IIX via the $100 million Women’s Livelihood Bond 6 (WLB6). Dutch companies FMO and Enabling Capital contributed $27 million in debt capital to Dvara KGFS last month.
In a press release, the company stated that Dvara KGFS will work together to support the movement’s objective of raising $10 billion to empower 100 million women, girls, and gender minorities by 2030.
Using the IIX Values platform for impact measurement, Dvara KGFS added that it hopes to have an impact on 87,900 women and girls during the four-year WLB6.
Under the direction of LVLN Murty, Dvara KGFS is an NBFC that prioritizes the welfare of people as well as nano and microbusinesses in rural India. It is present in ten states, including Tamil Nadu, Uttarakhand, Uttar Pradesh, Chhattisgarh, Jharkhand, and Bihar, with more than 400 branches.
Additionally, in February, the company’s Assets Under Management (AMU) exceeded Rs 2,000 crore.
From Rs 285.9 crore in FY22 to Rs 380.5 crore in FY23, Dvara KGFS saw a 33% increase in scale.
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