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April 20, 2022

India’s Kinara Capital raises $50m in Series E round

Indian fintech platform Kinara Capital has raised $50m in a Series E round to offer credit to small business owners in the country.

The round was led by Nuveen’s Global Impact Fund with participation from the ASN Microkredietfonds, which is a Dutch microfinance fund advised by Triple Jump.

Kinara will use equity funding to increase its products and services to meet the credit demands of micro, small, and medium enterprises (MSME) in India.

The fintech is eyeing a 500% growth by 2025 and aims to offer $1bn in MSME business loans in the next three years.

As per the terms of the deal, Nuveen managing director & co-head of private equity impact Rekha Unnithan, and Nuveen director of private equity impact Stephen Lee will join Kinara’s board.

Unnithan said: “Kinara Capital and its leadership are par excellence in how they have disrupted small business lending in India. Taking a digital-first approach without compromising on human customer service, Kinara has outclassed others with its ability to address the pain points of MSMEs in India. With a decade worth of proprietary data, Kinara has perfected its qualification processes and turnaround time.”

Kinara offers credit through both online and offline mediums. It operates a network of over 110 branches across more than 90 cities.

The fintech uses AI/ML on its myKinara app and offers collateral-free business loans up to $30,000.

Its product portfolio includes asset purchase loans, long-term working capital loans and bill discounting loans.

Notably, with Kinara’s HerVikas programme, all women entrepreneurs qualify for an automatic discount.

Kinara Capital founder & CEO Hardika Shah said: “We at Kinara Capital are immensely thrilled with the dual investment from Nuveen and Triple Jump who are uniting to support small business entrepreneurs in India, the world’s fastest-growing major economy.

“This fresh equity round will energise us to scale faster so that we can continue doing what we do best, which is to bring more small business entrepreneurs into the fold of financial inclusion.”

Triple Jump equity manager Orsolya Farkas said: “Impact is core to Kinara’s business and the company has never wavered from its mission of financial inclusion.”

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