India’s growth story has been marked by numerous cyclical shifts in a variety of industries, from agriculture and retail to software, IT, and real estate, all of which are key economic drivers in the nation. For the past few years, there has been a lot of fluctuation in the Indian construction equipment market. By 2022, India is anticipated to overtake China as the third-largest construction market in the world. The Indian market for construction equipment is anticipated to expand at a CAGR of 8.9% between 2022 and 2028, according to a report by Research and Market.
The sector is divided into five primary categories: earthmoving equipment, road construction equipment, concrete equipment, material handling equipment, and material processing equipment. The road construction equipment sector is one of the largest three sectors in the industry. Even during the pandemic, road construction continued to be active, and from April to September 2020, 3,951 km of roads were successfully built by the Ministry of Road Transport and Highways (MoRTH).
In 2012, Patel Dishant Rajnikant Bhai, an MSME business owner, founded Dishant Industries in Ahmedabad, Gujarat. He is engaged in the manufacturing of road equipment parts, conveyors, and systems that are used in stone mines and power plants.
Patel Dishant Rajnikant Bhai established his business when he was still a young man. The company was initially operating successfully, but as it grew, he needed more funds. He went to a bank to apply for a loan, but they declined because they were concerned about his age. It was one of the most difficult times of his life since he needed funding immediately to upgrade his business and keep it running unhindered.
Patel Dishant Rajnikant Bhai heard from a friend about Kinara Capital, one of the leading last-mile lending firms in India. He visited Kinara and inquired about their business loans’ eligibility, tenure, interest rate, and other details. He then submitted a loan application for his business without providing any property collateral. Within seven working days, he received a fund of Rs. 4.5 lakhs with minimal documents. He was really happy when he received the money in such a short amount of time.
Kinara Capital helped him by providing adequate financing at the right time. His turnover jumped by 40% after receiving the loan, and he added two new staff. He had one machine when he started his business in 2012, and today he has three machines. He approached Kinara Capital again when he needed money a year later and they gave him a second loan of Rs. 3 lakhs. He then received his third loan, for Rs. 3 lakh, and his fourth loan, for Rs. 90,000.
His annual turnover is currently around Rs. 65 lakhs and his company expanded throughout the state, and he now supplies Maharashtra, Madhya Pradesh, Gujarat, and Telangana, among other states in India. All of this indicates the expansion his company underwent as a result of the collateral-free business loan he obtained from Kinara Capital.
According to Patel Dishant Rajnikant Bhai, “Kinara Capital backed me by giving me a loan for Rs. 4.5 lakhs without demanding any collateral or mortgage when I needed money. I received three more loans from Kinara Capital, which helped me upgrade my business. Many thanks to Kinara Capital for providing me with crucial support when no one else was. Kinara is the best funding solution for small business owners to achieve their entrepreneurial dreams. I recommend Kinara to those in my network who work in MSMEs and are having trouble getting a loan.”
Kinara Capital has helped numerous MSME entrepreneurs in achieving their goals by providing business loans without property collateral. This RBI Registered, Systemically Important NBFC in India offers fast and flexible business loans to help small business owners buy new or used equipment, upgrade their business, pay staff wages, or meet other business-related expenses.
MSMEs operating in India can reach through Kinara Capital’s 3-step eligibility process, which is quick and digital-first. To apply for a business loan, download the myKinara app, check your loan eligibility in just a few minutes, or give us a missed call at 080-68264454.