The thought of Kinara Capital germinated when Hardika Shah, the fintech’s founder and CEO, turned conscious of the credit score hole that afflicts the Indian micro-small-medium-enterprise (MSME) sector. “In part, I was also inspired by something that I had experienced early on in life, and which had stayed with me. My mother had entrepreneurial leanings and ran a small business when I was growing up. I saw how difficult it was for her to build her venture due to lack of financing,” says Shah.
Prior to beginning Kinara Capital, Shah spent 20+ years as a administration advisor with Accenture, main massive groups and executing complicated tasks for world firms within the US, EU and Asia-Pacific. “Despite the economic reforms that India has undergone over the past two decades, small business owners continue to face many of the same challenges they always have, particularly lack of access to financing. There are over 60 million MSMEs in India that provide jobs to over 120 million people, yet most formal lending institutions do not lend to them, especially without property collateral. I wanted to do something to change that,” she says.
Kinara Capital is a fast-growing MSME fintech driving huge monetary inclusion of small enterprise entrepreneurs. “We offer both an end-to-end digital option with our vernacular myKinara app and doorstep customer service in 90+ cities across six states in India. Our efforts have also supported over 250,000 jobs in local economies and led to over Rs 700 crore of incremental income for small business entrepreneurs,” she says.
With its myKinara app, the fintech permits an MSME entrepreneur to go from a mortgage eligibility test to mortgage disbursement inside 24 hours. Shah says, “With our own proprietary risk-assessment methodologies, we make AI/ML data-driven credit decisions and have introduced digitisation at all steps of the process, including digital KYC, e-stamping, and e-signing of loan sanctioning documents. We also offer 400+ tech-based digital wallet payment options for customers to make their EMI payments.”
Kinara Capital has disbursed Rs 3,000 crore throughout 75,000 collateral-free enterprise loans up to now. With a present AUM of Rs 1,200 crore, it plans to develop 5x by 2025 and obtain an AUM of Rs 6,000 crore. “In the new fiscal year, we have committed Rs 200 crore to HerVikas discounted business loans for women entrepreneurs,” reveals Shah, including, “we are expanding our presence in our existing geographies with a special focus on reaching MSMEs in tier-II & III cities.”
QUOTE
Our efforts have supported over 250,000 jobs in native economies and led to over Rs 700 crore of incremental earnings for small enterprise entrepreneurs”
Hardika Shah,
founder and CEO, Kinara Capital
SPREADING ITS WINGS
* To date, Kinara has disbursed over Rs 3,000 crore throughout 75,000+ loans in 90+ city, peri-urban and rural places in India.
* The social influence of the corporate’s monetary inclusion options has led to incremental earnings era of `700 crore for small enterprise entrepreneurs, and supported greater than 250,000 jobs.
* Kinara can be empowering ladies entrepreneurs by way of HerVikas scheme. It has dedicated to disbursing `200 crore to women-led MSMEs in FY22-23.
* It is driving monetary literacy by spreading consciousness to first-time mortgage candidates in vernacular languages. Its myKinara app makes use of the vernacular medium to disburse loans
Source: www.financialexpress.com”