The closing of a new equity round of about Rs 200 crore led by British International Investment was announced by Kinara Capital, a fintech lender for India’s small businesses, recently.
Hardika Shah, Founder and CEO, Kinara Capital, expressed, “We are honoured to onboard British International Investment (BII) as our latest equity investor. 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.”
The company claims that this equity investment will help Kinara Capital democratise access to formal financial inclusion through its myKinara app, enabling it to grow 5X by 2025 and attain an AUM (assets under management) of Rs 6,000 crore.
Alex Ellis, British High Commissioner to India, said, “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.”
Kinara Capital targets to reach 200,000 MSMEs in Over 100 Indian Cities
In the next three years, Kinara Capital wants to reach over 200,000 MSMEs in more than 100 Indian cities. Over one million employment in local economies are anticipated to be supported by this growth’s social impact, which is also estimated to bring in an additional Rs 3,000 crore for small business owners.
Gaja Capital, GAWA Capital, Michael and Susan Dell Foundation (MSDF), and Patamar Capital are some of the other major equity investors in Kinara Capital. Edelweiss Financial Services Limited served as the transaction’s only advisor.
Manav Bansal, Managing Director and Head of India, British International Investment, said, “BII seeks to invest in companies that demonstrate strong development impact capacity and offer tech-enabled innovative solutions with high potential for scalability. Kinara Capital meets these criteria, and we are especially excited by its commitment to helping to expand financial inclusion to MSMEs, including increasing women’s access to finance which in turn promotes women’s entrepreneurship.”
The ASN Microkredietfonds, which Triple Jump advises, as well as previous equity investors Nuveen, took part in this round.
