New Delhi, Nov 7 (KNN) Eyeing at facilitating credit to the Micro, Small and Medium Enterprises of the country, Kinara capital announced that it has raised funds worth $ 14.5 million to be extended to the MSMEs in the form of loans.

The Bangalore-based NBFC Kinara Capital has raised the funding from new investors including Gaja Capital and Gawa Capital with participation from existing investors Michael & Susan Dell Foundation and Patamar Capital, the NBFC informed.

At present, Kinara Capital's current lending portfolio stands at $40.23 million across more than 9000 clients.

Kinara Capital informed that the fresh funding it has obtained will be used towards expanding the product portfolio in existing and new geographies in India.

Also increased investment in technology to improve efficiency in field operations to facilitate the loans would be deployed.

The firm aims to support to over 50,000 entrepreneurs across 100 cities in India by the end of 2019.

The company funds a wide range of MSMEs with a focus on manufacturing businesses in sectors such as auto parts, machine components, electrical components and much more.

Kinara, is a registered trademark of Visage Holdings and Finance Private Limited (NBFC), a Bangalore based social business that provides loans in the range of Rs.1 Lakh to Rs.15 Lakhs to micro and small enterprises (MSMEs) filling the gap between micro-finance and commercial capital. (KNN/DA)