Kinara secures $10m in funding from IndusInd Bank

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.