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Bengaluru-based NBFC Kinara Capital on Monday said it has raised $14.5 million in Series C funding from multiple investors which will be deployed to expand its product portfolio and increase investment in technology.
Kinara Capital functions as a lender to micro, small and medium enterprises that do not have property collateral to pledge.
“This new investment will help us deepen our reach in existing geographies and enhance our technology solutions to improve our efficiency. Our aim is to extend our support to more than 50,000 entrepreneurs across 100 cities in India by the end of 2019,” Hardika Shah, founder and CEO, Kinara Capital, said in a release.
The Series C funding was infused by existing investors such as Michael & Susan Dell Foundation and Patamar Capital, and new investors including Gaja Capital and GAWA Capital, according to the release.
“This round also provided exits to Shriram City Union Finance and investors of IIX’s Impact Partners platform. The fresh round of funding will be deployed to expand the product portfolio in existing and new geographies in India and increase investment in technology to improve efficiency in field operations,” the release said.
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