CHENNAI: Dvara Kshetriya Gramin Financials (Dvara KGFS), a leading NBFC operating in remote rural parts of India, has successfully raised $14.4 million through listed non-convertible debentures (NCDs) from Impact Investment Exchange (IIX).
IIX provided Dvara debt capital through the $100 million Women’s Livelihood Bond6 (WLB6), the largest orange and sustainability labelled Bond in the market. Orange Bonds are currently the only asset class at the critical nexus of gender equity and climate action in emerging markets. IIX has invested over $150 million in India through the Series.
Dvara KGFS aims to impact 87,900 women and girls over the WLB6’s 4-year tenure. “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,” said LVLN Murty, MD-CEO, Dvara KGFS.
Shilpa Bhatter, CFO, Dvara KGFS, said, “The funds raised via the NCD issuance will be used to disburse joint liability group, micro enterprise loan, and water, sanitation, and hygiene loans for the benefit of women borrowers”.