India's Dvara KGFS collects $14 million in Series E funding round

Dvara Kshetriya Gramin Financial Services Private Ltd. (Dvara KGFS), an Indian non-banking finance company, has raised 97 crores rupees ($14 million) in a Series E funding.

Stakeboat Capital led the round with participation from existing investors, LeapFrog Investment and Dvara Trust among others.

The company intends to use the funds to acquire NBFC MFI Varam Capital, pursue its expansion into newer geographies, strengthen its presence in existing geographies and enhance its digital architecture to introduce products and services.

Additionally, Dvara KGFS, which booked revenues of $24 million for the year 2018 to 19, is planning to extend an additional 76 branches in the current financial year.