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Kinara Capital, an Indian startup that offers short-term, unsecured loans to small and medium businesses, has just received $24.4 million in debt funding, the Times of India reports.
The funding comes from the Singapore-based Investment Exchange (IIX) and the Singapore-based BlueOrchard Fund, per regulatory filings.
Kinara Capital also received $10 million in debt funding from AVIOM Housing Finance Corporation last month.
Hardika Shah, the founder and CEO of Kinara Capital, tells the Times of India that the debt funding will allow the company to expand its program for women entrepreneurs, HerVikas, which it launched in 2011.
Kinara Capital, which claims to have given out loans worth more than $1 million to more than 50,000 customers so far, aims to "empower women entrepreneurs by providing them unsecured business loans, working capital, working capital, among others," Shah says.
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