New Delhi, 21st March 2024 – Dvara Kshetriya Gramin Financials Pvt Ltd (Dvara KGFS), a leading NBFC operating in remote rural parts of India, has successfully raised US Dollar14.4 million through Listed Non-Convertible Debentures (NCDs) from Impact Investment Exchange (IIX). IIX provided Dvara debt capital through the US Dollar 100 million Women’s Livelihood Bond™ 6 (WLB6), the largest Orange and Sustainability labeled 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.
As repeat beneficiaries of the WLB Series, Dvara KGFS is excited to continue the partnership with IIX, an investor who has invested over US Dollar150 million in India through the Series. Both Dvara KGFS and IIX are committed to driving positive change through innovative financial solutions.
Dvara’s participation in IIX’s latest Orange Bond highlights the company’s dedication to catalyzing positive change while supporting the transformative work of the Orange Movement™ in India’s financial inclusion landscape. Together, Dvara KGFS will contribute significantly to the movement’s goal of mobilizing US10 billion to empower 100 million women, girls, and gender minorities by 2030.
Dvara KGFS aims to impact 87,900 women and girls over the WLB6’s 4-year tenure, leveraging the IIX Values™ platform for transparent impact measurement. The WLB6 issuance seeks to create impact across multiple UN Sustainable Development Goals (SDGs), particularly advancing SDG 5: Gender Equality and SDG 13: Climate Action. A portion of the proceeds to Dvara will also contribute to SDG 6: Clean Water and Sanitation.
“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. We are delighted to have received this funding from IIX as we continue to bolster our efforts to innovate and enhance our product offerings while driving value for our customers and stakeholders,” said Mr. LVLN Murty, MD & CEO, Dvara KGFS.
Ms. Shilpa Bhatter, CFO, Dvara KGFS, said, “The funds raised through the NCD issuance will be utilized to disburse Joint Liability Group (JLG), Micro Enterprise Loan (MEL), and Water, Sanitation, and Hygiene (WASH) loans for the benefit of women borrowers. Dvara KGFS remains committed to fostering financial inclusion, maintaining operational excellence, and creating sustainable value for all stakeholders.