Patamar Capital portfolio company Kinara Capital, India’s pioneering lender for Micro, Small and Medium Enterprises (MSMEs) who do not have property collateral to pledge, has raised Rs 32 crore (around $5 million) in non-convertible debentures. The amount has been raised from ResponsAbility Investments AG – an asset manager that specializes in investment solutions to supply debt and equity financing predominantly to non-listed firms in emerging and developing economies.
Commenting on the deal, Kinara’s Promoter and CEO Hardika Shah said, “At Kinara Capital, we are proud of our efforts of providing tailored financial products to micro and small businesses in India for their growing business needs. With responsibility, we share a common vision of financial inclusion and are pleased to have them as our partner as we continue to expand our reach and scope.”
Kinara Capital, is a registered trademark of Visage Holdings and Finance Private Ltd (NBFC) and has pioneered lending practices by innovating a financially inclusive solution to provide loans to entrepreneurs of micro-small-medium enterprises (MSMEs) without the need for property collateral. As on June 2018, Kinara has serviced 15,000-plus customers in six states and manages a portfolio of approximately Rs 450 crores. The company is backed by marquee investors Gaja Capital, GAWA Capital, Patamar Capital, and Michael & Susan Dell Foundation.
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