Kinara Capital To Raise Over 22 Cr From Existing Investors


0


The company is raising the funds by issuing 3,55,314 Class A1 Equity Shares, at a face value of INR 10 per share and a premium of INR 625 per share

Kinara Capital is raising the funds from four investors, namely Gaja Capital, Michael, Susan and Dell Foundation, Patamar Fund and Global Financial Inclusion Fund (GAWA)

All four investors had previously participated in the over INR 100 Cr fundraise for Kinara Capital last year.

Bengaluru-based digital lending company Kinara Capital is looking to raise INR 22.56 Cr from multiple investors. 

According to filings with the Ministry of Corporate Affairs, accessed by Inc42, the company is raising the funds by issuing 3,55,314 Class A1 Equity Shares, at a face value of INR 10 per share and a premium of INR 625 per share, to four investors, namely Gaja Capital, Michael, Susan and Dell Foundation, Patamar Fund and Global Financial Inclusion Fund (GAWA). 

All four investors had previously participated in the over INR 100 Cr funding for Kinara Capital in May last year. 

Kinara Capital was founded in 2011 by Hardika Shah. It provides online loans between INR 2-25 Lakhs ($2,855 – $3,569) range without property collateral to small businesses and claims to process claims for loans in 5-7 days. The company is focused on lending to growing businesses that require funding for working capital, capital assets, and start-up needs. Kinara Capital focuses on industries such as agri-products, handicraft production, water, food, and energy.

According to data on Crunchbase, to date, Kinara Capital has raised $49.3 Mn in five funding rounds.

Lending Set For Boost In India

As per Inc42 Plus estimates, the credit demand in India is projected to be worth $1.41 Tn by 2022. The estimated growth rate in credit demand is 3.73% between FY17 and FY22. However, the Covid-19 crisis is said to be an unprecedented boost to the lending space in India.

Paytm founder Vijay Shekhar Sharma, talking at the ‘Ask Me Anything’ webinar hosted by Inc42, highlighted that lending is one of the biggest opportunities which comes out of these times. “Companies that swing around to the opportunity of distributing unsecured loans and collecting them well, and underwriting them well will become the champions of tomorrow,” he added.

Among digital lending startups in India, Kinara Capital competes with ZestMoney, MobiKwik, Rupifi and Credgenics. 





Source link


Like it? Share with your friends!

0

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
0
love
lol lol
0
lol
omg omg
0
omg
win win
0
win
admin

0 Comments

Your email address will not be published. Required fields are marked *