Kinara Capital’s pioneering initiatives empower women entrepreneurs

April 17, 2024 Unknown Wizards Valli Sarvani No comments

In India’s Micro, Small and Medium Enterprises (MSME) sector, where women constitute about 20% of ownership, the call for women-oriented loan products is growing stronger.

Kinara Capital’s CEO, Hardika Shah, is at the forefront of championing gender inclusivity within the fintech industry.

Her efforts align with the International Women’s Day 2024 theme, “Invest in Women: Accelerate Progress”. It reflects the significant impact women’s financial empowerment has on family and community welfare.

Kinara Capital, a non-banking financial company (NBFC) led by Hardika, is notable for its majority women-managed team. Its special focus is on women-owned MSMEs through its HerVikas programme.

This initiative has successfully disbursed over ₹700 crore in discounted collateral-free business loans, facilitating substantial job creation and income generation.

The importance of such financial products is underlined by the fact that only a small percentage of women in India own property, making unsecured loans crucial for their entrepreneurial ventures.

These loans allow women to enhance their business operations and solidify their financial base without the need for collateral. Hardika’s HerVikas programme has supported over 31,000 jobs.

Besides, it has also generated more than ₹187 crore in net income for women-led businesses.

Challenges in the male-dominated fintech space have been significant. Hardika recalls times when her capabilities were underestimated due to gender biases.

Nevertheless, she remained steadfast, guided by her principle of focusing solely on her primary plan without distraction.

This approach has brought Kinara Capital from its nascent stages to a robust entity challenging industry norms and setting benchmarks in gender inclusivity.

Under Hardika’s leadership, Kinara Capital boasts a balanced gender representation across its workforce, including the LGBTQ+ community, achieving 50/50 gender parity.

The management team and board of directors prominently feature women, reflecting a deep commitment to diversity and inclusion.

This commitment is also evidenced by a significant drop in female employee attrition, from 17% in FY22 to FY23. It marked a milestone in the company’s journey towards inclusivity.

Through initiatives like HerVikas, Kinara Capital is providing financial solutions to women entrepreneurs. In addition, it is also actively shaping an environment where women entrepreneurs can thrive and become role models within their communities.

Image Credit: Kinaracapital Website Screenshot