Kinara Capital, a prominent fintech firm in India, has unveiled a significant new fund of Rs 500 crore to commemorate the 5th anniversary of its HerVikas program. This initiative is meticulously crafted to bolster women entrepreneurs by facilitating easier access to formal credit. The HerVikas program, renowned for its steadfast commitment to empowering women-owned MSME startups, is extending its reach and benefits to mark this noteworthy milestone.
The freshly introduced perks under the HerVikas program encompass a 1% interest rate discount on collateral-free business loans, a 60-day repayment holiday, and a 50% reduction in loan processing fees. These enhancements are strategically devised to alleviate the financial burdens on women entrepreneurs, fostering an environment conducive to greater participation in business ownership.
Moreover, the program leverages bias-free credit decisioning through the AI/ML-powered myKinara App, enhancing accessibility for newly-registered MSME startups in the manufacturing and trading sectors. Hardika Shah, the Founder & CEO of Kinara Capital, expressed, “Every year, we are inspired by our own HerVikas customers who are collectively breaking the glass ceiling. And, now in the 5th year of this program, we are proudly committing our largest allocation to date of Rs 500 crore in FY25 and introducing new benefits aimed at empowering more women-owned MSME startups to thrive.”
Since its inception, the HerVikas program has disbursed over Rs 700 crore in collateral-free business loans, empowering 5,800 women MSME entrepreneurs across more than 100 cities in India. With the additional allocation of Rs 500 crore, the total disbursement is anticipated to surpass Rs 1,200 crore by FY25.
The program’s impact transcends mere financial inclusion, with over 31,000 jobs created in local economies, including more than 5,500 new jobs by women entrepreneurs. Additionally, women entrepreneurs have experienced an average 16% increase in their proprietor salary.
This monumental achievement underscores Kinara Capital’s unwavering dedication to fostering gender equality and economic empowerment in the entrepreneurial landscape.
