Machine tools are known as “mother machines'' as they are instrumental in creating the building blocks for a wide range of machinery and equipment. They are used to carry out a wide range of functions like cutting, drilling and grinding. Their utility also extends to a wide range of industries, from electronics and automotives to farming, and even aerospace.
The rising industrial automation in India is driving the machine tool market share growth in India. It is expected to increase by $2.54 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 13.4%.
Lavanya R. - Introduction
Lavanya R. is a woman entrepreneur who started her small business alongside her husband Santosh, 10 years ago. He had 25 years of experience in the machine tools industry, so the two started their company Shanthi Gears in Bengaluru, Karnataka.
She shares, "Kinara's customer service is excellent! They visited us personally to collect all the necessary documents, and the loan was sanctioned very quickly. They have not only helped our business thrive, but have also changed the lives of many other entrepreneurs like us with financing and support. I'm really thankful to Kinara for what they have helped us achieve."
Lavanya started the machine components manufacturing business with a strong footing, given her husband’s extensive experience in the girls. However, their operations were very small at the outset. They started with 2 machines, and at the outset, didn't even have the ability to hire help.
The couple ran the operations themselves, and took the business forward. As they took on job works and other services, they faced a financial crunch and were in need of working capital to keep their operations running smoothly.
Solution Offered by Kinara Capital
In 2013, Lavanya approached Kinara for a loan. She was able to offer the special discounted HerVikas loan since she is a woman entrepreneur, and soon received a working capital loan that she invested in buying raw materials.
As the orders picked up, they soon needed additional financing, and they approached Kinara for a second loan a few years later.
Impact of Solution Offered by Kinara Capital
Lavanya and Santosh utilized the two loans to buy raw materials, and also brought 4 workers on board to help them run the business processes. Since then, they have also added more machines, and their business has seen a huge boost, maintaining profitability and drawing a monthly turnover or more than Rs. 2 lakhs, which is a huge feat for a business that started so small.
About her experience with Kinara, Lavanya shares, "Kinara's customer service is excellent! They visited us personally to collect all the necessary documents, and the loan was sanctioned very quickly. They have not only helped our business thrive, but have also changed the lives of many other entrepreneurs like us with financing and support. I'm really thankful to Kinara for what they have helped us achieve."
Many small business owners have expanded their dream businesses with the assistance of Kinara Capital. MSME business entrepreneurs can quickly and easily acquire business loans without collateral and with minimal documentation within 24 hours. Download the myKinara app or give us a missed call at 080-68264454 to assess your company's loan eligibility in just a few minutes.
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