Kitchenware segment is one of the fast-growing industries in India that includes metal utensils, trays, appliances, dishes, and cookware used in food preparation or the serving of food.It can also be used to contain or preserve food before or after cooking. Kitchenwares are extremely handy since they are necessary for food preparation.
According to a report from Statista, metal utensils fall into the broader kitchenware segment. Revenue in the Indian kitchenware industry amounts to around $80 million in 2022. The market is expected to grow at a CAGR of 8.38% between 2022 and 2026.
Stainless steel is one of the most preferred metals for making kitchenware. It is made of a chromium-nickel alloy, which not only makes it stainless but also prevents any reaction with acids or alkalis, resulting in no change in the colour, smell, or flavour of the food that is being cooked or stored in the utensil. This is the primary reason why stainless steel appliances has grown so popular in India.
Copper is a soft, ductile metal with high thermal and electrical conductivity. According to Statista, Chile is the world’s leading copper exporter, shipping around 15.7 billion US dollars worth of the metal in 2020, accounting for more than 10.5 percent of total exported value globally.
Brass is an alloy of copper and zinc that is used to produce pots, jugs, lamps, and other items. It is a substitutional alloy, which means that atoms from the two constituents can switch places within the same crystal structure.
Arjun Singh Rajput is an MSME entrepreneur from Rajasthan who founded Mateshree Industries. The company is located in Odhav in Ahmedabad, Gujarat. They are into manufacturing steel utensils like plates, dinner sets, and trays and also manufacture copper and brass utensils.
Mateshree Industries was running all right initially, but later the company ran into some financial problems and was falling short of funds, which led him to face operational challenges. Arjun needed more money to smooth sail the business, but he didn’t get funding for various reasons.
Arjun Singh Rajput visited several banks to get funds to upgrade his business, but they demanded property collateral and extensive documentation. Later, Arjun approached Kinara Capital for a business loan. Kinara has viewed his overall business and analysed his creditworthiness before providing him with a loan of Rs. 6 lakhs within 7-8 days.
Arjun invested the first loan amount in his business to purchase new machinery, which sped up production and helped him grow more. Following this, they introduced several new products manufactured with the newly purchased machinery. He started earning more profit from his business, which also helped him create job opportunities for 8-10 new workers.
One year later, he was in need of another Rs. 4 lakhs, and once again, Kinara provided the funding. Later, he approached for a third loan of Rs. 10 lakhs, and he received it within a short time. All the loans helped him upgrade his business step-by-step. and now his business has reached so far from the beginning stage.
Arjun Singh Rajput says, “I am happy that Kinara has provided me with financial support and hope that they will continue to support my business in the future as well.”
Kinara Capital has changed the lives of numerous MSME entrepreneurs in the last few years by providing collateral-free business loans. Many businesses that were in the lower stage were able to gear up and establish a lot by growing day-by-day. Traditional lenders, such as banks, often have a lengthy and time-consuming documentation process. However, new-age lenders such as Kinara have developed data-driven methods of determining creditworthiness, decreasing the need for extensive documentation.
Kinara features a simple documentation procedure and allows you to substitute specific documents with others based on availability. To apply for a business loan, first complete the 1-minute eligibility check in the myKinara digital app. If you are eligible for a business loan, you can proceed with the loan application by providing personal and business documentation to complete the KYC procedure. Also, we have a dedicated customer support team available between Monday – Friday (9.30 AM – 6.00 PM) at our toll free number 1800-103-2683 for any questions or assistance. This ensures that entrepreneurs can get the help they need throughout the loan process.
