Bengaluru, September 2023: Kinara Capital, a fast-growing fintech driving MSME financial inclusion, today reiterated its commitment to fostering MSMEs in Karnataka. It aims to disburse over INR 575+ crores in business loans in FY24 and support the growth of MSMEs in the state.
Elaborating on the plan, Thirunavukkarasu R (Thiru R), Chief Operating Officer (COO), of Kinara Capital, said, “Karnataka is a vibrant, growing region with a diverse MSME sector. Kinara Capital is proud to be headquartered in Karnataka and for over a decade, we have supported thousands of small business entrepreneurs in this state. Our commitment to disburse over INR 575+ crores in FY24 to MSMEs in Karnataka will boost business growth and lead to the creation of 6000+ new jobs in local economies.”
MSME business owners can start the process at their convenience with our easy-to-use myKinara App, available in Kannada. In FY23, Kinara Capital had disbursed over INR 341 crores, 141% higher than FY22 in the state.
The ambitious disbursement plan for this fiscal (FY24) will be supported by operational enhancement. Recently, Kinara Capital has opened 3 new branches in Haveri, Humnabad, and Ramanagara and expanded its geographical presence to over 28 branches and 658 pin codes. Furthermore, the company plans to increase its employee strength in Karnataka to 930 employees, with over 300 new hires across Kinara Capital’s Offices in this fiscal.
Headquartered in Bengaluru, Karnataka, Kinara Capital Capital provides MSMEs with collateral-free loans in the range of INR 1 lakh to INR 30 lakhs through its various products such as Long-term Working Capital and Short-term Working Capital, Machinery Purchase, Bill Discounting, and HerVikas loans to across 300 sub-sectors.
To date, Kinara has disbursed more than INR 1,089 crores across 20,717 business loans in Karnataka. The support from Kinara has led to over INR 79 crores in incremental income generation for the small business entrepreneurs, and created over 21,437 new jobs in the local economies. Food Products, Construction Materials, Machine Components, Textiles, Fabrication, Auto Components, Automobiles, etc. are some of the leading sub-sectors for Kinara Capital in the state.
Kinara Capital has also been working towards empowering MSME women entrepreneurs through its focused program HerVikas. Under the program, women entrepreneurs are supported with an upfront automatic discount on their business loans. Through HerVikas program, Kinara Capital has disbursed more than INR 87 crores across 956+ business loans to women entrepreneurs in Karnataka. The company is looking at scaling up its commitment and extending its support to more women-owned MSMEs in the state.