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ETSA 2024: Hardika Shah’s Kinara building a credit bridge for the MSMEs

Economic TimesEconomic Times · 9m ago
ETSA 2024: Hardika Shah’s Kinara building a credit bridge for the MSMEs
Medial

- Hardika Shah founded Kinara Capital, a company that provides unsecured loans to micro, small, and medium enterprises (MSMEs) in India. - Kinara Capital aims to surpass $100 million in revenue this year and has a physical presence in over 100 cities. - The company operates in Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Maharashtra, and Gujarat, and plans to expand further in these areas. - Kinara focuses on deepening its reach in existing markets and forming strategic partnerships to serve more MSMEs. - It offers collateral-free business loans ranging from Rs 5,000 to Rs 30 lakh. - Kinara has supported over 82,000 MSMEs in sectors such as manufacturing, construction, and building materials. - The company achieved its ninth consecutive profitable year in fiscal 2024, with a net profit of Rs 62 crore. - Kinara uses technology to improve its underwriting process and customer support. - Kinara operates 133 branches with over 1,600 field staff, providing doorstep services and omnichannel customer support. - The company runs the HerVikas program, which supports women-led MSMEs with tailored financing solutions. - Kinara expects to surpass $1 billion in cumulative disbursements and advocates for MSMEs to benefit from green and WaSH financing. - The company has adjusted its business model to comply with increased regulatory scrutiny in India's digital lending sector.

International Women's Day 2024: How Kinara Capital is empowering women in MSMEs

LivemintLivemint · 1y ago
International Women's Day 2024: How Kinara Capital is empowering women in MSMEs
Medial

Hardika Shah, CEO of Kinara Capital, believes that there is a need for women-oriented loan products in the Micro, Small and Medium Enterprises (MSME) sector in India, where women ownership stands at almost 20%. Kinara Capital, an NBFC, is contributing to the growth of women-owned MSMEs by providing unsecured business loans. Their HerVikas program has disbursed over ₹700 crore in discounted collateral-free loans, leading to job creation and income generation. Shah advocates for unsecured loans to ensure financial inclusion for women entrepreneurs. Kinara Capital also focuses on challenging the male-dominated fintech industry and promoting gender inclusivity within their company.

Lendingkart posts Rs 1,090 Cr revenue in FY24, profit slips

EntrackrEntrackr · 7m ago
Lendingkart posts Rs 1,090 Cr revenue in FY24, profit slips
Medial

Temasek’s Fullerton recently acquired the troubled fintech firm Lendingkart in a distress sale. The company’s valuation plummeted to around $100 million in the deal, down from its peak of $690 million. While the reasons behind this downfall may become clearer when the firm discloses its FY25 numbers, the company’s profit after tax (PAT) slipped 6% during the fiscal year ending March 2024. We will analyze the company’s expenses in detail in the second half of the story. For now, let’s focus on its revenue streams and their growth. Lendingkart’s revenue from operations increased by 36% to Rs 1,090 crore in FY24 from Rs 798 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies (RoC) shows. Lendingkart is a non-banking finance company (NBFC) that provides working capital and business loans to SMEs across India. It offers loans with an average ticket size of Rs 5 lakh to Rs 6 lakh to MSMEs and has disbursed over Rs 18,700 crore to more than 300,000 businesses. Revenue from co-lending was the primary contributor, accounting for 54% of the operating revenue, which surged by 88% to Rs 591 crore in FY24. Revenue from interest on term loans shrank by 2.86% to Rs 407.81 crore FY24, while commission income spiked 34X to Rs 22.58 crore in FY24. It also made Rs 69.15 crore from other operating activities. The company generated another Rs 127 crore in FY24 from non operating activities which took its total revenue to Rs 1,217 crore in FY24. On the expense side, finance cost was the major factor, which increased by 16.82% to Rs 293.53 crore in FY24. Employee benefit expenses grew by 75.70% to Rs 199 crore while legal charges increased 58.25% to Rs 125.62 crore FY24. Overall, the firm’s total expenses spiked 49.4% to Rs 1,022.7 crore in FY24 from Rs 684.4 crore in FY23. Note: The company recorded Rs 171.67 crore in FY24 and Rs 67.12 crore in FY23 under impairment losses, these amounts have been excluded from the expense or profit calculations. The rising expenses on employee benefits took a toll on Lendingkart's profit which slipped by 6% to Rs 174.92 crore in FY24 from Rs 185.93 crore in FY23. Its ROCE and EBITDA margin stood at 23.33% and 44.39%, respectively. On a unit basis, the company spent Re 0.94 to earn a rupee in FY24. The Ahmedabad-based company reported Rs 768.5 crore in cash and bank balances and had a current asset of Rs 2,110 crore as of FY24. According to TheKredible, Lendingkart has raised a total of Rs 3,217 crore (approximately $452 million) in funding to date. Its leading investors include Temasek, Bertelsmann, Mayfield, and Saama Capital.

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