Dvara KGFS Raises $14.4 Million on IIX Through Women’s Livelihood Bond 6
- ByStartupStory | March 21, 2024
Dvara Kshetriya Gramin Financials Pvt Ltd (Dvara KGFS) has successfully raised $14.4 million through the Impact Investment Exchange (IIX) platform. The funding was secured via Listed Non-Convertible Debentures (NCDs) under the US$100 million Women’s Livelihood Bond™ 6 (WLB6), marking the largest Orange and Sustainability Bond in the market.
Orange bonds, a distinctive asset class in emerging markets, uniquely intertwine gender justice and climate action. Dvara KGFS, a prominent player in the field, has been a recurring beneficiary of the WLB Series, emphasizing its commitment to driving positive change through innovative financial solutions. With IIX’s investment exceeding $150 million in India through the Series, Dvara KGFS is poised to further its impact in the realm of financial inclusion.
Speaking on the collaboration, LVLN Murty, MD & CEO of Dvara KGFS, expressed, “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.”
The funds raised will be instrumental in advancing Dvara KGFS’s initiatives aimed at empowering women borrowers. Shilpa Bhatter, CFO of Dvara KGFS, elaborated, “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.”
Dvara KGFS aims to impact 87,900 women and girls over the WLB6’s 4-year duration, leveraging the IIX Values™ platform for transparent impact measurement. The issuance is aligned with various UN Sustainable Development Goals (SDGs), particularly focusing on advancing SDG 5: Gender Equality and SDG 13: Climate Action, while also contributing to SDG 6: Clean Water and Sanitation.
With its participation in IIX’s latest Orange Bond, Dvara KGFS reinforces its dedication to driving meaningful change and supporting the Orange Movement™ in India’s financial inclusion landscape. Together, Dvara KGFS and IIX are poised to make a substantial contribution to the movement’s objective of empowering 100 million women, girls, and gender minorities by 2030.
Follow Startup Story
Related Posts
