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Bengaluru-based Kinara Capital has closed a fresh equity round of ₹380 crore led by Nuveen, a global investment manager, with participation from Triple Jump, a Dutch impact-focused investment manager.
Kinara Capital, in a statement, said the new equity investment will lead to expansion of products and services to meet the rapidly increasing MSME (micro, small and medium enterprise) credit demand in India.
The non-banking finance company (NBFC) said, it aims to grow by 500 per cent by 2025, with plans to disburse ₹10,000 crore of MSME business loans in the next three years.
Hardika Shah, Founder & CEO, Kinara Capital, said: “This fresh equity round will energize us to scale faster so that we can continue doing what we do best, which is to bring more small business entrepreneurs into the fold of financial inclusion.”
With this equity round, Nuveen’s Managing Director & Co-Head of Private Equity Impact, Rekha Unnithan, and Nuveen’s Director of Private Equity Impact, Stephen Lee, will join Kinara’s Board, per the statement.
The NBFC offers a fully digital loan process with its myKinara app as well as doorstep customer service with 110 plus branches serving small business entrepreneurs across 90 plus cities in India.
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