Kinara Capital, MSME fintech, announced it has closed a fresh equity round of Rs 380 crores led by Nuveen, global investment manager with over $1.3 trillion of assets under management, with participation from Triple Jump, a Dutch impact-focused investment manager advising the ASN Microkredietfonds.
Kinara Capital aims to grow by 500 percent by 2025 with plans to disburse Rs10,000 crores of MSME business loans in the next three years. This round of equity financing for Kinara Capital comes from Nuveen's Global Impact Fund which focuses on transformative companies’ impact value chains for low-income consumers and from the ASN Microkredietfonds, a listed and regulated Dutch microfinance fund advised by Triple Jump, it said in a press statement.
With this equity round, Kinara Capital gains two new members on its Board of Directors with Nuveen's Managing Director and Co-Head of Private Equity Impact, Rekha Unnithan, and Nuveen’s Director of Private Equity Impact, Stephen Lee. As shareholders, Nuveen and Triple Jump will support Kinara’s continued growth and the continued development of their best in class ESG and impact management system, the statement said.
Kinara offers both a fully digital process with its myKinara app and doorstep customer service.
Hardika Shah, Founder & CEO, Kinara Capital, said: “This fresh equity round will energize us to scale faster so that we can continue doing what we do best, which is to bring more small business entrepreneurs into the fold of financial inclusion."