Chennai
This new round of funding will enable the company to pursue its expansion into newer geographies, strengthen its presence in existing geographies and enhance its digital architecture to provide more customer centric services in rural India. This will also pave way for the company to improve its products and services.
The round was led by new investor Stakeboat Capital, with existing investors LeapFrog Investment and Dvara Trust participating, in order to maintain the company’s accelerated growth. The Company’s other major shareholder Accion participated with additional funds in 2018.
ICICI Securities acted as exclusive financial advisor to this transaction. Samir Shah, Executive Vice Chair and Group President of Dvara Trust said “This infusion of new capital from a new investor and existing shareholders will significantly strengthen our existing presence and accelerate our growth into newer geographies as envisaged in our business plan.”
“The funds will help us deliver highly personalised wealth management solutions to our rural customers across a range of touch points.”
Michael Fernandes, Partner at LeapFrog Investments commented: “We are excited to continue our partnership and lead the current round of investment in Dvara KGFS, which continues to execute a differentiated and technology enabled strategy to deliver financial services to rural households in India.”
Dvara KGFS is also looking to raise more than Rs 600 cr debt from a variety of sources including banks, NBFCs, NCDs and ECB. After strengthening the entity following the acquisition of Varam Capital, Dvara KGFS will keenly focus on an organic and inorganic growth path to execute its business plan.
Visit news.dtnext.in to explore our interactive epaper!
Download the DT Next app for more exciting features!
Click here for iOS
Click here for Android