MSME Fintech lender: Kinara Capital bags Rs 380 Cr in equity via Nuveen
- ByStartupStory | April 20, 2022
On Tuesday, an MSME fintech, Kinara Capital, announced that it has raised a fresh equity round of about Rs 380 crores led by Nuveen , a global investment manager with more than $1.3 trillion of assets under management, with participation from a Dutch impact-focused investment manager advising the ASN Microkredietfonds, Triple Jump.
Kinara Capital closes its Series E round and marks 7th year of profitability, with this funding.
Kinara Capital gains two new members on its Board of Directors with Nuveen’s Managing Director & Co-Head of Private Equity Impact, Rekha Unnithan, and Nuveen’s Director of Private Equity Impact, Stephen Lee, with this equity round. Nuveen and Triple Jump will support Kinara’s continuous growth and development of their best in class ESG and impact management system, as shareholders.
Kinara’s expansion of products and services to meet the rapidly increasing MSME credit demand in India will be led by this new equity investment. With plans to disburse Rs 10,000 crores of MSME business loans in the next three years, the startup aims to grow by 500 percent by 2025.
The company’s vernacular-friendly myKinara app can take MSME applicants from loan decision-to-disbursement within 24-hours, with the advanced use of AI/ML. Kinara’s collateral-free business loans in the range of INR 1-30 lakhs can be availed by more than 300 sub-sectors across Manufacturing, Trading, and Services MSME sectors.
Its products include collateral-free business loan offerings of Long-Term Working Capital Loan, Asset Purchase Loan for new or used machines, and Bill Discounting Loan which support ongoing needs such as shop renovations, hiring of seasonal help, purchase of stock or raw materials, machine repair, or related business growth requirements of a small business. With lower-cost loans of shorter tenure by opting for a Short-Term Working Capital Loan or Loan Against Property, existing Kinara customers can further gain an advantage. With Kinara’s HerVikas program, all women entrepreneurs qualify for an automatic discount. In addition, free monthly informational workshops in multiple languages are offered by Kinara with its Grow With Kinara series.
To date, enabling vast financial inclusion of the underserved small business entrepreneurs in India, Kinara Capital has disbursed Rs 3,000 crores across 75,000+ collateral-free business loans.
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