Dvara KGFS raises Rs 70 crore Series E fund

Dvara KGFS (Kshetriya Gramin Financial Services) has raised Rs 70 crore from Nordic Microfinance Initiative as part of 'Series E' round of equity infusion.

A company release said the funding would help the firm expand its current operations and pursue inorganic growth opportunities and also in scaling up company's technology infrastructure.

In April 2019, Dvara KGFS raised Rs 97 crore as equity funding and with the latest, the total fund raised is Rs 167 crore in Series E, it said.

"We are delighted to partner with NMI at Dvara KGFS and look forward to tapping into their significant experience in financial inclusion both in India and overseas," Dvara Trust executive vice-chairman and Dvara Trust group president, Samir Shah said.

The equity funding comes against the backdrop of the rating upgrade by ICRA from BBB- to BBB and it was a significant boost to the company's strategy plans as it chalks out next phase of the growth, the release said.