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Kinara Capital Plans INR 800+ Crores Disbursements in FY24 Deepening its Commitment to MSME Growth in Telangana & Andhra Pradesh

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Business | June 7, 2023 2:09:03 PM IST
NewsVoir

Hyderabad (Telangana) [India], June 7: Kinara Capital, a fast-growing fintech driving MSME financial inclusion, today announced furthering its reach in Telangana & Andhra Pradesh with plans to support thousands of MSMEs in this region by disbursing INR 800+ crores in FY24 in collateral-free business loans. Since the fintech began its operations in this region in 2016, the company has disbursed over 20,000 business loans to mostly micro - and small - enterprises in the urban and semi-urban regions across the states of Telangana & Andhra Pradesh. Kinara Capital recorded an AUM growth of 190% from FY22 to FY23 from these regions.

The impact of supporting micro-small-medium enterprises (MSMEs) builds stronger communities with new opportunities for income generation and job creation. Kinara has disbursed more than INR 1,200 crores to date to MSMEs in Telangana & Andhra Pradesh which led to over INR 36 crores in incremental income generation for the small business entrepreneurs, and created over 16,000 new jobs in the local economies. In Telangana & Andhra Pradesh, Kinara Capital has seen highest disbursement and growth among these major MSME sub-sectors: Food Products, Building Materials, Electricals, Fabrication, Wood Products, Metal Components, and Fashion. Kinara provides business loans to over 300 sub-sectors across Manufacturing, Trading, and Services MSME sectors.

Thirunavukkarasu R (Thiru R), Chief Operating Officer (COO), Kinara Capital, said, "I am proud to reaffirm our unwavering commitment to the prosperity of Telangana & Andhra Pradesh. With the type of entrepreneurial commitment that we see here, we expect 20% of our growth this financial year to come from MSMEs in this region. We are dedicated to the success of our customers by providing tailored financial solutions and personalized customer service to supercharge their growth."

Kinara Capital brings access to formal credit to MSMEs by providing collateral-free business loans in the range of INR 1-30 lakhs with various products including Long-term and Short-term Working Capital, Asset Purchase (Machinery Purchase), and Bill Discounting loans. Additionally, women-owned MSMEs receive an upfront automatic discount on business loans with Kinara's HerVikas program that empowers women entrepreneurs. Additionally, Kinara Capital expands non-financial services to its customers with its popular Grow With Kinara free workshop series held in Telugu and other languages with pertinent information to help businesses scale.

Currently, Kinara Capital has 27 branches across Telangana & Andhra Pradesh with nearly 300 field employees in this region and extends omnichannel support to customers via tollfree calling, missed call facility, chatbot, email, etc. The ambitious growth plan will be complemented by the number of employees available in the field providing doorstep customer service in local languages. Kinara Capital also plans on hiring about 150 people in FY24 to strengthen its customer service in this region.

Kinara Capital is a fast-growing fintech company and is globally recognized for disrupting the small business lending model in India by democratizing access to collateral-free business credit in India. Kinara Capital has disbursed over INR 5,000+ crores to date across 90,000+ collateral-free business loans thereby propelling vast financial inclusion of India's MSME sector. Led by Founder & CEO Hardika Shah, Kinara Capital sets itself apart with a blended model combining the best of technology with the best of personalized customer service. Founded in 2011, and headquartered in Bangalore, Kinara Capital has 125 branches serving MSMEs across 100+ cities in India with a workforce of 1,600+ employees. The company is qualified as a Systemically Important NBFC by the Reserve Bank of India (RBI) and is a debt-listed entity on the Bombay Stock Exchange (BSE). Visit kinaracapital.com for more information or follow on Social Media @KinaraCapital Twitter/LinkedIn.

This press release may contain projections and other forward-looking statements regarding future events or future financial performance. These statements are only predictions and reflect our current beliefs and expectations with respect to future events and are based on assumptions and subject to risk and uncertainties and subject to change at any time. Given business risks and uncertainties, undue reliance on these forward-looking statements should not be placed. Actual events or results may differ materially from those contained in the projections or forward-looking statements.

(Disclaimer: The above press release has been provided by NewsVoir. ANI will not be responsible in any way for the content of the same)

 
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