Financial services startup Dvara KGFS and direct-to-consumer brand Nutrizoe have secured early-stage funding, the companies said on Thursday.
Chennai-based non-banking finance company (NBFC) Dvara KGFS has raised $10 million (Rs 82.1 crore) in a debt funding round from Triple Jump Financial Inclusion Resilience Fund B.V and BlueOrchard Finance Ltd.
The fresh capital will be used for expansion.
Founded in 2008, Dvara KGFS provides financial services in rural India through its technology-backed wealth management approach offering a variety of loans and third-party distribution products. The company has 378 branches & close to 9000 Digital Agents across 10 states in India.
"This fundraise diversifies our lender profile and improves our presence in the foreign debt market, allowing us to access lower-cost debt and ensuring a sustainable growth path for Dvara KGFS," said Shilpa Bhatter, chief financial officer, Dvara KGFS.
In 2019, Dvara raised Rs 97 crore in a Series E round led by Stakeboat Capital. LeapFrog Investments and parent Dvara Trust also participated in the round.
Women-focused nourishment product maker Nutrizoe has raised $365,330 (Rs 3 crore) in a bridge round from Inflection Point Ventures.
The fresh proceeds will be deployed for research and development and expansion across geographies with a focus on the UAE market.
Founded in 2019 by Richa Pendake and Saanket Pendke, Nutrizoe provides nourishment products such as over-the-counter food items and nutraceuticals in the domains of pregnancy, postpartum, and lactation.
Meanwhile, IPV is an angel investing platform that was launched in 2018 by Vinay Bansal, Ankur Mittal and Mitesh Shah. Last month, the platform announced 12 exits from its portfolio, thus claiming to have clocked an internal rate of return (IRR) of 160% to its investors. IPV has invested Rs 550 crore across over 170 startups to date.
