Dvara KGFS gets Rs 97 cr in Series E

CHENNAI: Dvara KGFS, formerly IFMR Rural Channels and Services, an NBFC under Dvara Trust catering to rural towns across India, has raised Rs 97 crore as part of its Series-E funding round, led by Stakeboat Capital, a new investor to the company.

The round also saw participation from existing investors LeapFrog Investment and Dvara Trust. The company’s other major shareholder, Accion, had participated with additional funds in 2018.

Samir Shah, 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. The funds will help us deliver highly personalised wealth management solutions to our rural customers across a range of touch points.” The company plans to expand its presence in new states – Jharkhand and Chhattisgarh along with deepening its presence in Tamil Nadu, Karnataka, Odisha and Uttarakand. The company acquired Varam Capital, an NBFC-MFI in April.