Indusind, Commercial banking company

Kinara Capital, a socially responsible fintech, today announced securing USD USD 10 million (INR 74 crores) from IndusInd Bank with a 100 per cent guaranty from the U.S. International Development Finance Corporation (DFC). This is a part of a debt and equity round of INR 100 crores, with equity contribution coming from Kinara's existing investors - Gaja Capital, GAWA Capital, Michael and Susan Dell Foundation (MSDF) and Patamar Capital.This investment will be utilized by Kinara Capital towards the expansion of MSME financial inclusion across manufacturing, trading, and services sectors in India. Kinara Capital is at the forefront of driving financial inclusion in India and has disbursed INR 2000 crores across 56,000+ collateral-free small business loans.The special USD USD 10 million investment for onward lending to small business entrepreneurs will be deployed over five years from IndusInd Bank's Impact Investing division with full backing from DFC, part of the US federal government and an emerging markets impact leader. This three-way partnership between Kinara Capital, IndusInd Bank and DFC unites the orgzations' shared goals to promote entrepreneurship, financial inclusion and job creation."Our partnership with IndusInd and DFC underscores our shared commitment to ease the credit hurdle faced by most small business entrepreneurs in India," said Hardika Shah, Founder and CEO, Kinara Capital, "MSMEs galvze India's economy with income generation and job creation and there is an ever-increasing demand for financing for businesses to rebuild and grow this year. This investment from IndusInd Bank and DFC will accelerate financial inclusion of small businesses, thereby invigorating local economies.""We are glad to have associated with DFC to support a strong impact creating entity, Kinara Capital, in their growth trajectory," said Roopa Satish, Head, Corporate and Investment Banking, CSR and Sustainable Banking, IndusInd Bank, "The guaranty from DFC eliminates foreign exchange rate fluctuation risk from the balance sheet of Kinara and it has become an important tool to mobilize debt funding for impact space compes.""We hold the orgzations that we fund to a very high standard and Kinara Capital is a role model when it comes to last-mile delivery," said Loren Rodwin, Managing Director, Social Enterprise Finance Team, Office of Development Credit at U.S. International Development Finance Corporation (DFC). "Commitment towards financial inclusion from Kinara Capital has made it possible for us to collaboratively help India's small business entrepreneurs. We are motivated by the high potential and the high prospects of the diverse MSME sector in India and proud to partner with both IndusInd and Kinara Capital."Kinara Capital brings a wide variety of MSMEs into the financial inclusion fold, such as small-scale manufacturing industries to general retail shops to service businesses, by providing collateral-free business loans in the range of INR 1 lakh to INR 30 lakhs. In offering both digital and doorstep customer service options, MSMEs appreciate the convenience of Kinara's fast 24-hour direct disbursements and flexible payment options on 400+ platforms, such as Google Pay.Artificial Intelligence and Machine Learning (AI/ML) based data-driven automated credit decisioning enables Kinara to lend confidently without relying on property collateral or credit scores for risk assessment. Thus, about 90 per cent of Kinara's customer base is new to credit, receiving its first-ever business loan from the company. The social impact of Kinara's financial inclusion work to date has led to an incremental income generation of INR 700+ crores forsmall business entrepreneurs and led to more than 250,000 jobs created or sustained across 90+ urban, peri-urban and rural locations in India.This story is provided by BusinessWire India. will not be responsible in any way for the content of this article. (/BusinessWire India)( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Kinara Capital, a socially responsible fintech, today announced securing USD USD 10 million (INR 74 crores) from IndusInd Bank with a 100 per cent guaranty from the U.S. International Development Finance Corporation (DFC). This is a part of a debt an ...