Money & Banking

Kinara Capital get $10 mn funding from IndusInd Bank; also 100% guarantee from US Int’l DFC

Our Bureau Mumbai | Updated on February 22, 2021

Funds to be used for expansion of MSME financial inclusion across manufacturing, trading, and services sectors

Kinara Capital on Monday announced securing $10 million from IndusInd Bank with a 100 per cent guarantee from the US International Development Finance Corporation (DFC).

“This is part of a debt and equity round of ₹100 crore, with equity contributions coming from Kinara’s existing investors — Gaja Capital, GAWA Capital, Michael & Susan Dell Foundation (MSDF) and Patamar Capital,” it said in a statement.

The investment will be used by Kinara Capital towards the expansion of MSME financial inclusion across manufacturing, trading, and services sectors in India.

The fintech is focussed on financial inclusion and has disbursed ₹2,000 crore across over 56,000 collateral-free small business loans.

“The special $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,” it further said.

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Published on February 22, 2021
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