Kinara Capital raises Rs 100 crore in fresh funding

Small business lender Kinara Capital has raised Rs 100 crore from private equity and impact investors — Gaja Capital, GAWA Capital, Michael, and Susan Dell Foundation and Patamar Capital.

Armed with the fresh funds, the company intends to invest in technology to improve its customers’ experience while applying through them and help process applications faster.

In a note, the company said that it has disbursed Rs 1160 crore through more than 33700 loans across the country.

Kinara Capital provides fast and flexible loans in the range of Rs 2 to 25 lakh without taking property collateral from small business entrepreneurs. The company claims to disburse loans within five to seven days of receiving the application which is received through a completely digital process.

With the new funds, it will not only improve the customer experience while applying for the loans, but also enhance its machine learning capabilities to make its decision-making engine quicker and more efficient.

With 90 branches, the company plans to add 20 branches in high-growth locations in Andhra Pradesh, Gujarat, Karnataka, Maharashtra, Tamil Nadu, and Telangana and add 300 more staff this year to become bigger than the 1000 employee base.