India's Kinara raises $14m funding round
Indian non-banking finance company (NBFC) Kinara Capital has raised INR1 billion ($14.3 million) from a group of investors including Gaja Capital, Gawa Capital, the Michael and Susan Dell Foundation, and US-based VC firm Patamar Capital (formerly Unitus Impact Fund).
Kinara operates in eight states, providing non-collateralized loans of INR200,000-2.5 million to Indian small businesses. The NBFC claims its fully digital approach allows an accelerated credit decision process, with funds disbursed within seven days of the initial application. It has provided more than INR11 billion in loans since its founding in 2011.
Kinara will use the new capital to refine the customer experience with new features including auto-disbursement, along with improvements to its credit assessment algorithms. In addition, the company plans to add about 300 employees to its current force of 1,000 by the end of the year.
Gaja, Gawa, and the Dell Foundation participated in Kinara’s last funding round, a INR960 million commitment in 2017. Unitus also took part in that round. AVCJ Research also records two prior funding rounds for Kinara: a $1 million commitment from Sorenson Impact Foundation in 2013, followed by an investment by the Dell Foundation of undisclosed size in 2014.
Patamar invests in India, Vietnam, Indonesia, and the Philippines, targeting growth markets with a total population of over two billion people and a deep talent pool but where most people lack access to essential services. The firm provides Series A and B commitments to companies serving low-income populations that can deliver both financial returns and positive social impact.
Patamar’s portfolio covers a range of sectors but is predominantly focused on companies bringing technological innovations to traditional industries. Its investments include Singaporean healthcare technology start-up mClinica, Indian fresh produce logistics provider Leaf, and Philippines-based recruitment services company Kalibrr.
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