Kinara Capital, a fintech for India’s small business entrepreneurs, announced closing a fresh equity round of INR ~200 crores led by British International Investment (BII), the UK’s development finance institution and impact investor.
Existing equity investors Nuveen and the ASN Microkredietfonds advised by Triple Jump also participated in this round. This equity investment will aim to propel Kinara Capital to grow 5x by 2025 and reach an AUM of INR 6,000 crores by democratizing access to formal financial inclusion with its myKinara App.
Kinara Capital’s other main equity investors include Gaja Capital, GAWA Capital, Michael & Susan Dell Foundation (MSDF), and Patamar Capital. Edelweiss Financial Services Limited acted as the exclusive advisor for the transaction.
Alex Ellis, British High Commissioner to India, said, “Women-led Fintech Company Kinara champions female empowerment and provides easier access to capital for small entrepreneurs across India. The British Government is proud to support the company through BII’s investment. The UK remains committed to solving the biggest global development challenges by supporting sustainable and inclusive economic outcomes for all.”
Hardika Shah, Founder & CEO, Kinara Capital, said, “We are honored to onboard British International Investment (BII) as our latest equity investor. The combined expertise and capital infusion from BII, Nuveen and Triple Jump, will expand Kinara Capital’s offerings to meet the rising demand of the MSME sector in India. This year, India’s GDP growth has exceeded pre-pandemic levels signifying the resilience and growth prospects of small business entrepreneurs. With this support, we, at Kinara Capital, are further motivated to deliver on our mission of financial inclusion.”
Manav Bansal, Managing Director and Head of India, British International Investment, said, “BII seeks to invest in companies that demonstrate strong development impact capacity and offer tech-enabled innovative solutions with high potential for scalability. Kinara Capital meets these criteria, and we are especially excited by its commitment to helping to expand financial inclusion to MSMEs, including increasing women’s access to finance which in turn promotes women’s entrepreneurship. I am pleased that our flexible capital will help boost productivity within India’s MSME sector and facilitate entrepreneurial growth that will continue to transform the nation’s economy.”
Rekha Unnithan, Managing Director & Co-head of Private Impact Investing, Nuveen, said, “We value our commitment to Kinara Capital, so it is a great joy to collaborate with British International Investment (BII) who share our undertaking to drive financial inclusion in India with a digital-first approach. We are happy to participate in this round of investment for Kinara Capital who we consider to be at the forefront of driving financial inclusion with its digital processes combined with a personalized approach.”
Orsolya Farkas, Equity Manager, Triple Jump, said, “We gladly participated in this round of investment for Kinara Capital, led by British International Investment (BII). We believe that this round will give an additional boost to Kinara’s expansion plans to extend formal financial inclusion to thousands of MSMEs in India. We are glad to be a part of this growth journey and believe that Kinara Capital has the right combination of technology and tactics for an impactful shift for small business entrepreneurs, particularly women entrepreneurs.”
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