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Dell family foundation invests in Bangalore-based Kinara Capital

Appoints Satyam Darmora as a member on Kinara Capital's board

Itika Sharma Punit  |  Bangalore 

Kinara Capital, a Bangalore-based non-banking company (NBFC) that lends to micro and small businesses, today said it has received an undisclosed amount of investment from

The foundation will hold a minority equity stake in post this investment.

The foundation has also appointed Satyam Darmora, portfolio lead-family economic stability at the foundation, as a member on Kinara Capital's board.

The 'Family Economic Stability' portfolio of Michael & Susan Dell Foundation includes more than 25 micro-and skill training institutions.

"This investment will support Kinara's efforts to expand their operations in India and adds a new facet to the Michael & Susan Dell Foundation's existing catalytic portfolio of initiatives that helps provide financial services to urban poor families in India," a press release from said.

Set up in 1999, the foundation is supported by the couple primarily through investing the proceeds of sales of shares of US-based technology company Dell Inc.

"and its Chief Executive Officer Hardika Shah caught our attention because of their innovative approach towards solving the sizeable lending issues in India for the micro, small, and medium enterprises (MSMEs) that contribute to more than 20% of the nation's GDP," said Debasish Mitter, country director for India at Michael & Susan Dell Foundation.

Launched in 2011, Kinara Capital has financed over 1,200 loans with a 99.9% recovery rate. The firm funds a wide range of small and medium enterprises, in both urban and rural areas, with a typical business turnover of Rs 3,00,000-5,00,000 per month.

Its portfolio includes engaged in manufacturing auto parts, electrical components, kitchen appliances, artisan products, eco-friendly products, agri-equipment, and packaging products.

First Published: Tue, October 28 2014. 14:48 IST