Dvara KGFS raises Rs 70 crore from Nordic Microfinance Initiative

Dvara KGFS on Wednesday announced that it had raised Rs 70 crore from Nordic Microfinance Initiative (NMI) in the final phase to the Series E round of equity infusion.

“We look forward to partner with NMI and tap into their significant experience in financial inclusion both in India and overseas,” said Samir Shah, Executive Vice-Chair and Group President of Dvara Trust. “The opportunity available for NBFCs in India is tremendous and the scope of financial inclusion is immense. At Dvara, our focus is vast because we do not look at only the untapped financial population but also the undertapped population in the country.”

Dvara KGFS has a presence in Tamil Nadu, Uttarakhand, Karnataka, Chhattisgarh, Odisha and Jharkhand. It is spread across 46 districts with 276 branches and more than 1 million enrolled customers. NMI is a public-private partnership owned by the Norwegian and Danish governmental funds for developing countries that invests in microfinance institutions in Asia and Africa.

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