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April 14, 2013

Deal Alert: Sorenson Foundation invests $1-M in SME lender Kinara

Bangalore-based micro, small, and medium enterprises (MSME) lending company Kinara Capital has raised about Rs.5.4 crore ($1 million) in a Series A round led by Sorenson Impact Foundation. The other investors are John Ayliffe of 1to4 Foundation, Halloran Philanthropies and Kinara Capital Holdings (a special purpose vehicle constituted in Singapore). Two of the investors, Halloran Philanthropies and John Ayliffe, were part of an earlier seed round of over Rs.2.7 crore ($500,000) that included the Unitus Impact Fund and private investors based in the US under the banner Mesoloan. 

Kinara provides debt capital in the range of Rs.1 lakh to Rs.10 lakh with credit products such as short-term working capital loans and receivables discounting. The company, so far, has supported 60 entrepreneurs, with zero defaults. 

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