BackKinara Capital secures investment from Michael & Susan Dell Foundation
The investment will support Kinara's efforts to expand operations
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Mumbai: Bangalore-based Kinara Capital, which lends to micro, small, and medium enterprises (MSMEs), said on Tuesday that it has received an equity investment from the Michael and Susan Dell Foundation.
Investment details were not disclosed. The investment will support Kinara’s efforts to expand operations.
The Dell family foundation will hold a minority equity stake in the company, and Satyam Darmora, who manages the foundation’s Family Economic Stability portfolio—a portfolio that includes over 25 microfinance and skill training institutions—will join the board of Kinara Capital.
“We are continuously innovating on how to meet the financial needs of these entrepreneurs who are often excluded by the traditional banking system. This recognition and support from the foundation will surge Kinara’s efforts to expand its operations to new geographies and deploy field agent technology to increase operational efficiency and improve customer service," said Hardika Shah, chief executive officer and founder of Kinara Capital.
Kinara Capital provides ₹ 50,000 - ₹ 10 lakh as collateral-free loans to MSMEs for asset finance and working capital.
“Kinara Capital and its chief executive officer, Hardika Shah caught our attention because of their innovative approach towards solving the sizeable lending issues in India for the micro, small, and medium enterprises (MSMEs) that contribute to more than 20% of the nation’s GDP," said Debasish Mitter, country director, India, Michael and Susan Dell Foundation.
Since its launch in 2011, Kinara Capital has financed over 1,200 loans with a 99.9% recovery rate.
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