Kinara Capital, India’s fast-growing fintech driving MSME financial inclusion, today reported its FY24 financial year results marking it as the organization’s 9th consecutive year of profitability.

Closing the year with profit after tax (PAT) of INR 62 crores, a 51% year-over-year (YoY) jump, has further demonstrated the viability of Kinara’s unique business model of blending technology with omnichannel customer service. In FY24, Kinara Capital marked YoY revenue growth of 47% with revenues totaling INR 723 crores, while the operational expenses (OpEx) as a percentage of the AUM decreased by 32%, thus further boosting the annual profits. Kinara Capital’s loan book grew by 26% in FY24 YoY with its year-end assets under management (AUM) recorded at INR 3,142 crores.

Specializing in providing formal credit without property collateral to support India’s small business entrepreneurs, Kinara Capital is purposefully focused on financial inclusion of the micro-small-medium-enterprise (MSME) sector. Easing access to credit with its multilingual myKinara App, the fintech NBFC disbursed more than 26,343 new business loans in the last year leading to a 35% YoY increase in the number of loans disbursed. In FY24, Kinara’s active MSME customer base increased by 30% YoY, while there was a marked 42% YoY increase in its active customer base of women-owned MSMEs.

Hardika Shah, Founder & CEO, Kinara Capital, said, “Our resilient business model and our unwavering eye on the mission of financial inclusion has led to nearly a decade of growth and consecutive profitability. In FY24, beyond our high-touch and high-tech model, we also expanded our reach to MSMEs in other states with embedded finance solutions through partnerships. Looking ahead, we are excited as we set our sights on supporting thousands more MSMEs, doubling our AUM by FY26 and crossing the USD $100 million mark in revenues in FY25.”

In its first year of partnerships, Kinara Capital disbursed over INR 100 crores in FY24, indicating a vast opportunity ahead for new partnerships. Kinara Capital currently has 133 branches in regions representing approximately 70% of India’s manufacturing output. Thus, the growth plans for the future will be anchored on Kinara penetrating further into existing geographies via its branch-led model and reaching new MSMEs via its partnerships model. The fintech will also bolster its technology prowess with strategic long-term investment in its in-house tech to create Lending-as-a-Service (LaaS) set of customizable APIs in order to integrate with more partners in the future.

Since its inception, Kinara Capital has cumulatively disbursed more than INR 6,700+ crores across over 1.2 lakh number of collateral-free business loans leading to job creation and income generation in local economies. Overall, the AUM of Kinara Capital has grown at a CAGR of 51% over the past 3 years, indicating a thriving landscape for MSME financial inclusion.