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Business News » Small Business News

This NBFC raises Rs 97 crore in E series funding; aims to expand reach to Jharkhand, Chattisgarh

The firm has 248 branches, and post this round of funding, plans to establish 76 new branches in the current financial year.  

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This NBFC raises Rs 97 crore in E series funding; aims to expand reach to Jharkhand, Chattisgarh
DVARA KGFS will strengthen their base in existing states of Tamil Nadu, Karnataka, Odisha and Uttarakand. Photo: DVARA Official Website

Dvara Kshetriya Gramin Financial Services Private Limited (DVARA KGFS) (formerly Pudhuaaru Financial Services Private Limited), is one of the pioneering firms to work towards financial well-being of individuals and enterprises that reside in the rural parts of India. DVARA KGFS recently concluded its E series funding round, raising Rs 97 crores, with the lead investor Stakeboat Capital. Existing investors like LeapFrog Investment, Accion and Dvara Trust also participated in this round of seed funding, to maintain the company's accelerated growth. During this equity round, ICICI Securities acted as exclusive financial adviser to this transaction.

The company said that the fresh funds will be used to get acquisition of Varam business, investing in enhancing the fin-tech capability of the company and strengthening the management team. DVARA KGFS also mentioned that the funds will be utilized to expand their reach to newer states - Jharkhand and Chattisgarh. Moreover, they will strengthen their base in existing states of Tamil Nadu, Karnataka, Odisha and Uttarakand. 

The money raised will also be applied for introducing new products and services such as affordable micro housing loan product and deepening its Micro Enterprise loans and Jewel loans portfolio. DVARA KGFS is planning to raise more than Rs 600 Cr debt from a variety of sources including banks, NBFCs, NCDs and ECB. Post the acquisition of Varam Capital, the firm will keenly focus on an organic and inorganic growth path to execute its business plan.

Commenting on the developments, 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 personalized wealth management solutions to our rural customers across a range of touch points.”

Lead investor of this round of funding,Vinay Subramanian, Investment Director at Stakeboat Capital said, “It is a pleasure to partner a pedigreed institution like Dvara KGFS known for its pioneering efforts in rural finance, leveraging their uniquely deep rural footprint and customer-centric wealth management approach. What particularly excites us is their technological capabilities and deep contextual insights on rural households. With the exponential growth of mobile penetration in India, Dvara KGFS is well poised to serve the rural under-banked, offering seamless customer service on par with their urban counterparts, through increasingly digital means.”

Currently, DVARA KGFS has a strong ground in  Tamil Nadu, Uttarakhand, Karnataka and Odisha. the firm's presence is spread across 33 districts with 221 branches and more than 8,44,845 enrolled customers today. The firm has 248 branches, and post this round of funding, plans to establish 76 new branches in the current financial year.
 

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TAGS:
Startups
Written By: ZeeBiz WebTeam
Updated: Fri, May 03, 2019
02:01 pm
Mumbai, ZeeBiz WebDesk
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