The Pak Banker

Ki­nara se­cures $10m in fund­ing from In­dusInd Bank

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MUM­BAI: Ki­nara Cap­i­tal on Mon­day said it has se­cured $10 mil­lion in fund­ing from In­dusInd Bank, with a 100% guar­an­tee from the US In­ter­na­tional De­vel­op­ment Fi­nance Cor­po­ra­tion (DFC).

"This is part of a debt and eq­uity round of Rs100 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 re­lease. The funds will be used by Ki­nara Cap­i­tal for ex­pand­ing fi­nan­cial in­clu­sion of MSMEs, across man­u­fac­tur­ing, trad­ing, and ser­vices sec­tors in In­dia.

"Our part­ner­ship with In­dusInd and DFC un­der­scores our shared com­mit­ment to ease the credit hur­dle faced by most small busi­ness en­trepreneur­s in In­dia," said Hardika Shah, founder and chief ex­ec­u­tive, Ki­nara Cap­i­tal.

"MSMEs gal­va­nize In­dia's econ­omy with in­come gen­er­a­tion and job cre­ation and there is an ever in­creas­ing de­mand for fi­nanc­ing for busi­nesses to re­build and grow this year. This in­vest­ment from In­dusInd Bank and DFC will ac­cel­er­ate fi­nan­cial in­clu­sion of small busi­nesses, thereby in­vig­o­rat­ing lo­cal economies." he added.

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