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by IANS |
New Delhi, Oct 28 (IANS) Kinara Capital, that offers offers unsecured business loans for MSMEs, on Friday said it has raised Rs 200 crore led by British International Investment (BII), the UK's development finance institution and impact investor.
Existing equity investors Nuveen and the ASN Microkredietfonds advised by Triple Jump also participated in the funding round.
With this funding, Kinara Capital aims to grow 5 times by 2025 and reach an asset under management (AUM) of Rs 6,000 crore.
"The combined expertise and capital infusion from BII, Nuveen and Triple Jump, will expand Kinara Capital's offerings to meet the rising demand of the MSME sector in India. With this support, we, at Kinara Capital, are further motivated to deliver on our mission of financial inclusion," said Hardika Shah, Founder and CEO, Kinara Capital.
More than 300 MSME sub-sectors across manufacturing, trading and services sectors can digitally avail 'myKinara' collateral-free business loans in the range of Rs 1-30 lakh.
Kinara Capital plans to reach over 2,00,000 MSMEs across more than 100 cities in the next three years.
The social impact of this growth is expected to support over 1 million jobs in local economies and generate over Rs 3,000 crore in incremental income for small business entrepreneurs, said the company.
"Women-led fintech company Kinara champions female empowerment and provides easier access to capital for small entrepreneurs across India. The British Government is proud to support the company through BII's investment," said Alex Ellis, British High Commissioner to India.
Kinara Capital's other main equity investors include Gaja Capital, GAWA Capital, Michael & Susan Dell Foundation (MSDF), and Patamar Capital.
"We are happy to participate in this round of investment for Kinara Capital who we consider to be at the forefront of driving financial inclusion with its digital processes combined with a personalised approach," said Rekha Unnithan, Managing Director and Co-Head of Private Impact Investing, Nuveen.
