Customer Success Story: Pradip Tukaram Aragade

May 23, 2024
Updated on

The Indian machine tools industry is the backbone of the entire machine manufacturing industry, with the development of the tools the manufacturing process has multiplied itself number of times. It is an important pillar of the manufacturing sector of Indian engineering and contributes about 12% to it. 

With India occupying the 10th position in global machine tools production, shares about 0.9% of its produce. By 2024, the growth of the sector is expected to be by $1.6 billion, at a CAGR of nearly 13%. This is Kinara Capital’s customer success story from Pune, of a young entrepreneur who reached heights in his machine engineering business.

Tai Mauli Engineering: Introduction

Tai Mauli Engineering was established in 2015 by Pradip Tukaram Aragade, a young entrepreneur from a small village near Pune. Pradip completed his early education in a rural area and then finished his ITI diploma and started working in an engineering firm as a supervisor for one year to learn the trade.

Problem Statement

Pradip with his one year learning experience with an engineering firm where they used to outsource their products, gave him the idea to start his own business. Pradip started his business Tai Mauli Engineering with one machine and one employee. Tai Mauli received a good number of orders, with just one machine they faced challenges to complete the orders and had to outsource some of the orders. This led to follow up payments for Pradip.

Pradip to avoid these situations decided to take a business loan, young age and little experience deprived him of the financial help he needed to expand his business.

Solution offered by Kinara Capital

When they faced lack of funds and no one came forward to help, this is when Pradip turned towards Kinara Capital. Pradip tells that the company he was working for also availed a loan from Kinara, that made him trust and approach Kinara. He visited the nearest Kinara branch where he explained his requirements and got a loan for his business.

Grow your MSME with collateral-free business loans

Impact of Solution Offered by Kinara Capital

In 2017, Pradip’s first loan  worth INR 3 Lakhs was sanctioned in no time and was invested in asset purchase. Pradip bought another machine, with 2 manufacturing units in the house, it made the manufacturing process faster and led to completion of orders much easier. On time delivery of orders, aided in the growth of Tai Mauli Engineering. The number of orders flowed in and Pradip availed another loan worth INR 5.5 lakhs to expand his production.

Another loan worth INR 8.7 lakhs was availed by Pradip leading to further growth of the business. A fourth loan worth INR 2 lakhs was sanctioned in the name of Tai Mauli Engineering. More machines were purchased to fuel the manufacturing of the machined tools. Continuously growing business needed more funds, INR 13 lakhs loan was transferred to Pradip as his 5th loan.

The cashflow was invested in increasing the workforce acting as a working capital loan for their business. The loan helped them in extending property from a 500-600 sq.feet workspace to two premises. Higher trajectory in direct proportion increased the turnover, and yearly turnover ranging worth INR 4 – 4.5 lakhs increased to INR 50 lakhs per month. Pradip says, “I am happy with Kinara and I got many benefits because of Kinara Capital, they helped me grow my business”. 

Kinara Capital, an RBI registered Systemically Important NBFC in India aims to empower the MSME sector by providing them collateral free business loans. Kinara has disbursed 100000+ business loans worth INR 6500+ crores till date. With branches in 3000+ pincodes Kinara provides services in vernacular languages.

To get your MSME loan,check your loan eligibility in 1 minute on the myKinara app available to download in the Google Play Store, with 7 languages options. Choose your preferred vernac and get doorstep services as you pass the eligibility check. 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.

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