Fintech soonicornKinara Capitalis looking to raise fresh fundingto the tune of $150 million to $200 million suggest industry reports. "Yes, Kinara is back in fund raise mode. They are in discussions with investment bank Edelweiss Financial Services as advisors. Edelweiss had helped the firm in its last round as well," said a person in the know.
The news was confirmed by two more people and one of them added that Kinara Capital needed fresh growth capital. "For over a decade, Kinara Capital has demonstrated scale and profitability as a leading MSME lender, especially by providing access to collateral-free credit.
As we continue to grow, we will diversify our product offerings to meet the vast credit demand in the MSME sector. For this, we are looking for growth capital to expand financial inclusion to the much deserving, but the much underserved, MSME sector of India,” said Hardika Shah, Founder and CEO, Kinara Capital.
So far Kinara has raised over $500 million in capital (equity and debt), from India-based and global investors. the major equity investors for Kinara currently includeGaja Capital, Michael & Susan Dell Foundation (MSDF), Patamar Capital and GAWA Capital. In 2022, the firm had raised $52 million in equity funding from Nuveen, Triple Jump, and British International Investment (BII).
Launched in 2011, the Bangalore headquartered firm focuses on financial inclusion of small business entrepreneurs. It currently has125 branches servicing MSMEs in 100+ cities across six states in India with employs over 1,600 people.
In a bid to diversify its product portfolio, Kinara is now doubling its commitment to women entrepreneurs with HerVikas program and is also introducing Green Finance products.
