Indian NBFC Dvara KGFS raises $14m led by Stakeboat Capital

Indian non-banking finance company Dvara KGFS on Thursday announced that it has raised about $14 million (Rs 97 crore) in a Series E round of equity funding, led by new investor Stakeboat Capital.

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

Further, Dvara is also looking to raise more than Rs 600 crore debt from a variety of sources including banks, NBFCs, NCDs, and ECB, it added.

The company said that the fresh funds will be used for the acquisition of Varam Capital Pvt Ltd, investing in enhancing the fintech capability of the company and strengthening the management team. It announced the acquisition of Varam last month.

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