KINARA CAPITAL COMMITS INR 1,100+ CRORES IN TAMIL NADU IN FY24 FOR BUSINESS LOANS DISBURSEMENT TO MSMEs
● Over 33,000 MSME business loans disbursed to date in Tamil Nadu and Puducherry
● myKinara App, available in Tamil, Eases Access to Credit for MSMEs in the Urban & Peri-Urban Regions of Tamil Nadu and Puducherry
● Company plans to hire 120 additional branch employees to service MSMEs across 1,700 pincodes in Tamil Nadu and Puducherry
CHENNAI, AUGUST 17, 2023:Kinara Capital, a fast-growing fintech driving MSME financial inclusion, today announced committing to INR 1,100+ crores disbursements in FY24 for Business Loans for MSMEs in the urban and the peri-urban regions of Tamil Nadu and Union Territory of Puducherry. With a combination of technology driven process and doorstep customer service, Kinara Capital provides fast service to the micro-small-medium enterprise (MSME) sector. The company’s myKinara App, available in Tamil, makes it convenient for any MSME business owner to start the loan process immediately from their smartphone.
Thirunavukkarasu R, Chief Operating Officer (COO), Kinara Capital, said:“Kinara Capital is proud to support the hardworking MSME business owners in Tamil Nadu and Puducherry who contribute immensely to the economic growth of our nation. In FY23, Kinara Capital disbursed more than INR 656 crores in this region, 130% higher than FY22. With a renewed commitment of INR 1,100 crores to MSMEs this financial year, we are realizing the aspirations of thousands of MSME entrepreneurs across the state, all the way from Chennai to Kanyakumari!”
Since Kinara Capital began its operations in Tamil Nadu in 2012, the company has disbursed INR 1,960 crores over 33,000 business loans. Women-owned MSMEs receive an upfront automatic discount on business loans with Kinara’s HerVikas program. To date, Kinara Capital has disbursed over INR 226 crores across 2,140 HerVikas business loans to women entrepreneurs in Tamil Nadu.
Recently, Kinara Capital opened 3 new branches in Aranthangi, Thiruvanmiyur, and Veerapandi regions bringing the company’s total number of branches to 39 in Tamil Nadu and overall presence to 1,700 pincodes. In addition to the current strength of 396 employees, Kinara Capital plans to hire 120 additional branch employees in Tamil Nadu in FY24 to reinforce its customer service in this region.
Tamil Nadu has the third-largest number of MSMEs in India and the state is moving towards becoming a 1 trillion economy by 2030. Kinara Capital is driving financial inclusion of the MSME sector by easing access to collateral-free business loans in the range of INR 1 lakh to INR 30 lakhs. Kinara Capital offers various business loan products including Long-term and Short-term Working Capital, Asset Purchase (Machinery Purchase), and Bill Discounting loans. In Tamil Nadu, Kinara Capital supports over 300+ major MSME sub-sectors, such as Textiles, Provision Stores, Auto Components, Metal Works etc
The direct cumulative impact of Kinara Capital providing access to formal business credit in Tamil Nadu and Puducherry has led to over INR 139 crores in incremental income generation for the MSME business entrepreneurs and more than 30,229 new jobs created in the local economies. Additionally, Kinara Capital offers a free Grow With Kinara workshop series, held in Tamil and other languages, to help MSMEs digitize and expand their businesses.
About Kinara Capital
Kinara Capital is a fast-growing fintech with a mission to drive financial inclusion of MSME entrepreneurs and transform lives, livelihoods and local economies in the process. Kinara Capital to date has disbursed over INR 5,000+ crores to date across 90,000+ collateral-free business loans thereby propelling vast financial inclusion of India’s MSME sector. Founded in 2011, and headquartered in Bangalore, Kinara Capital has 133 branches serving MSMEs across 100+ cities in India with a workforce of 1,600+ employees. The company is qualified by the Reserve Bank of India (RBI) as a Systemically Important Non-Banking Financial Company (NBFC) and is a debt-listed entity on the Bombay Stock Exchange (BSE). Visit kinaracapital.com for more information or follow us on @KinaraCapital on Twitter and LinkedIn.
This press release may contain projections and other forward-looking statements regarding future events or future financial performance. These statements are only predictions and reflect our current beliefs and expectations with respect to future events and are based on assumptions and subject to risk and uncertainties and subject to change at any time. Given business risks and uncertainties, undue reliance on these forward-looking statements should not be placed. Actual events or results may differ materially from those contained in the projections or forward-looking statements.
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Kinara Capital is a registered brand of Kinara Capital Private Limited
(formerly known as Visage Holdings and Finance Private Limited)