Kinara Capital, a fintech company that provides loans to micro, small, and medium enterprises, announced it has secured 520 million rupees (US$7 million) in investment from Impact Investment Exchange (IIX).

Founded in 2011, Kinara Capital is a non-banking financial company that propels the financial inclusion of small entrepreneurs through collateral-free business loans.

It launched its HerVikas business loans program in March last year to accelerate the financial inclusion of women entrepreneurs in India. The program enables their “vikas” or progress with an automatic upfront discount of 1% on interest costs on collateral-free business loans between 100,000 rupees (US$1,363.2) and 3 million rupees (US$40,898.6). READ MORE