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ResponsAbility extends $5 million in debt to Kinara Capital

ImpactAlpha, July 13 – Bangalore-based Kinara Capital is a lender that caters to small business owners in India whose capital requirements are too large for microfinance lenders but too small for commercial banks.

It typically lends between $1,500 and $15,000 to small and mid-sized businesses  with less than $300,000 in turnover and employing two to 20 people. The company has 15,000 customers across six Indian states and a loan book of 4.5 billion rupees ($65.4 million).

  • Debt on top of equity… Zurich-based responsAbility Investments extended $5 million in term debt to Kinara to support its lending operations. The funding follows Kinara’s 960 million-rupee ($14.7 million) equity raise last October, in which Gaja Capital led the round. Spanish impact investor Gawa Capital, the Dell Foundation, and Patamar Capital (formerly Unitus Impact Fund) have also backed Kinara. 
  • Driving financial inclusion… responsAbility’s Jaskirat Chadha described Kinara, which was founded in 2011, as a “successful player in the inclusive finance area that actively contributes to driving economic growth as well as increasing the standard of living of large sections of the population.”

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