Kinara Capital Secures USD $10 Million From IndusInd Bank with 100% Guaranty From US DFC

* Combined Debt & Equity Round of INR 100 Crores to Accelerate MSME Financial Inclusion

Kinara Capital, a socially responsible fintech, today announced securing USD $10 million (INR 74 crores) from IndusInd Bank with a 100% guaranty from the U.S. International Development Finance Corporation (DFC). This is a part of a debt and equity round of INR 100 crores, with equity contribution coming from Kinara’s existing investors – Gaja Capital, GAWA Capital, Michael & Susan Dell Foundation (MSDF) and Patamar Capital. This investment will be utilized by Kinara Capital towards the expansion of MSME financial inclusion across manufacturing, trading, and services sectors in India. Kinara Capital is at the forefront of driving financial inclusion in India and has disbursed INR 2000 crores across 56,000+ collateral-free small business loans.

The special USD $10 million investment for onward lending to small business entrepreneurs will be deployed over five years from IndusInd Bank’s Impact Investing division with full backing from DFC, part of the US federal government and an emerging markets impact leader. This three-way partnership between Kinara Capital, IndusInd Bank and DFC unites the organizations’ shared goals to promote entrepreneurship, financial inclusion and job creation.

“Our partnership with IndusInd and DFC underscores our commitment to ease the credit hurdle faced by most small business entrepreneurs in India,” said Hardika Shah, Founder & CEO, Kinara Capital, “Given the stellar role that small businesses play in galvanizing the Indian economy with income generation and job creation, we see an ever-increasing demand for collateral-free loans. This investment from IndusInd Bank and DFC will accelerate financial inclusion of small businesses, thereby invigorating local economies.”

“We are glad to have associated with DFC to support a strong impact creating entity, Kinara Capital, in their growth trajectory,” said Roopa Satish, Head, Corporate & Investment Banking, CSR & Sustainable Banking, IndusInd Bank, “The guaranty from DFC eliminates foreign exchange rate fluctuation risk from the balance sheet of Kinara and it has become an important tool to mobilize debt funding for impact space companies.”

“We hold the organizations that we fund to a very high standard and Kinara Capital is a role model when it comes to last-mile delivery,” said Loren Rodwin, Managing Director, Social Enterprise Finance Team, Office of Development Credit at U.S. International Development Finance Corporation (DFC). “Commitment towards financial inclusion from Kinara Capital has made it possible for us to collaboratively help India’s small business entrepreneurs. We are motivated by the high potential and the high prospects of the diverse MSME sector in India and proud to partner with both IndusInd and Kinara Capital.”

Kinara Capital brings a wide variety of MSMEs into the financial inclusion fold, such as small-scale manufacturing industries to general retail shops to service businesses, by providing collateral-free business loans in the range of INR 1 lakh to INR 30 lakhs. In offering both digital and doorstep customer service options, MSMEs appreciate the convenience of Kinara’s fast 24-hour direct disbursements and flexible payment options on 400+ platforms, such as Google Pay.

Artificial Intelligence and Machine Learning (AI/ML) based data-driven automated credit decisioning enables Kinara to lend confidently without relying on property collateral or credit scores for risk assessment. Thus, about 90% of Kinara’s customer base is new to credit, receiving its first-ever business loan from the company. The social impact of Kinara’s financial inclusion work to date has led to an incremental income generation of INR 700+ crores for small business entrepreneurs and led to more than 250,000 jobs created or sustained across 90+ urban, peri-urban and rural locations in India.

About Kinara Capital

Kinara Capital is a socially responsible fintech non-banking financial company (NBFC) propelling the financial inclusion of small business entrepreneurs with fast & flexible collateral-free business loans. The company boasts a women-majority management team and is globally recognized for its innovations. The IFC/World Bank named Kinara Capital as ‘Bank of the Year-Asia’ 2019 and Financial Times ranked it among the Top 100 High-Growth Companies in Asia-Pacific. Headquartered in Bangalore, the company operates 110 branches in 90+ cities in India. Kinara Capital is recognized as a Systemically Important NBFC by the Reserve Bank of India (RBI) and is a debt listed entity on the Bombay Stock Exchange (BSE). Click here for more information kinaracapital.com and follow us on Twitter @KinaraCapital  

About IndusInd Bank

IndusInd Bank, which commenced operations in 1994, caters to the needs of both consumer and corporate customers. Its technology platform supports multi-channel delivery capabilities. As on September 30, 2020, IndusInd Bank has 1910 Branches/ Banking Outlet and 2785 ATMs spread across 751 geographical locations of the country. The Bank also has representative offices in London, Dubai and Abu Dhabi. The Bank believes in driving its business through technology. It enjoys clearing bank status for both major stock exchanges - BSE and NSE - and major commodity exchanges in the country, including MCX, NCDEX and NMCE. IndusInd Bank was included in the NIFTY 50 benchmark index on April 1, 2013.

Domestic Ratings

●        CRISIL AA + for Infra Bonds program

●        CRISIL AA for Additional Tier I Bonds program

●        CRISIL A1+ for certificate of deposit/short term fixed deposits program

●        IND AA+ for Senior bonds program by India Ratings and Research

●        IND AA for Additional Tier I Bonds program by India Ratings and Research

●        IND A1+ for Short Term Debt Instruments by India Ratings and Research

About U.S. International Development Finance Corporation (DFC)

U.S. International Development Finance Corporation (DFC) is America’s development bank. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. DFC invests across sectors including energy, healthcare, critical infrastructure, and technology. DFC also provides financing for small businesses and women entrepreneurs in order to create jobs in emerging markets. DFC investments adhere to standards and respect the environment, human rights, and worker rights.

This press release may contain projections and other forward-looking statements regarding future events or future financial performance. These statements are only predictions and reflect our current beliefs and expectations with respect to future events and are based on assumptions and subject to risk and uncertainties and subject to change at any time. Given business risks and uncertainties, undue reliance on these forward-looking statements should not be placed. Actual events or results may differ materially from those contained in the projections or forward-looking statements. 

Nokia 3.4 Goes On Sale In India, Available Across Retail And E-Commerce Platforms

 

● The all-rounder with Google Podcasts, offers a serious performance upgrade: triple rear camera with AI imaging, bigger punch-hole display, performance.

● The Nokia 3.4 is available at a recommended best buy price of INR 11,999

HMD Global, the home of Nokia phones, announced that the Nokia 3.4 is available in India starting today in Fjord, Dusk and Charcoal colour options, in a RAM/ROM variant of 4GB/64GB at a recommended best buy price of INR 11,999, across leading retail outlets and online channels in India, including Nokia.com/com, Amazon.in and Flipkart.

Additionally, Nokia 3.4 customers on Jio would be entitled to benefits worth INR 4,000. The benefits include instant cashback of INR 2,000 on the prepaid recharge of INR 349 plan and INR 2,000 worth vouchers from partners. This offer is applicable to new as well as existing Jio subscribers. This offer is available for all purchases made on Nokia.com/phones.

Powered by the new Qualcomm® Snapdragon™ 460 processor, the Nokia 3.4 offers a strong performance upgrade at a more accessible price point. It has an impressive 6.39” (16.23 cm) HD+ screen and it is the first in the Nokia 3-series with a punch-hole display that gives you extra screen real estate along with triple rear camera, an ultra-wide lens and AI imaging. It is powered by the signature two-day battery life and comes with the guarantee of three years of monthly security updates and two years of software upgrades.

With the integrated Google Podcasts, you can listen to your favorite shows, explore recommendations just for you, browse popular podcasts in comedy, news, business, and more.

Sanmeet Singh, Vice President, HMD Global India:

“We are really excited to bring the much-awaited Nokia 3.4 to India. It is an all-rounder smartphone that provides excellent performance, power and usage experience, all combined in a package that looks stylish as well. With Google Podcasts integration, the Nokia 3.4 can enable you to explore new types of content, topics and even try your hands at making a podcast of your own – the freedom to do more, personally and professionally. Given the vast growth potential around podcasts in the country, our communication around the phone is also geared to share how Google podcasts can bring ‘new to you’. “

Gabe Bender, Product Lead, Google Podcasts

“Podcasting in India has exploded in recent years as users all over the world have increasingly turned to audio to stay informed and entertained. We’re excited to partner with Nokia phones to enable all Nokia 3.4 smartphone users to easily listen to their favorite shows and discover new ones on Google Podcasts.”

Tough and Built to Last

The Nokia 3.4 has a robust build quality, thanks to the rigorous testing[1] process that all Nokia devices undergo. The fully recyclable die-cast metal chassis and seamless durable structure of Nokia 3.4 gives it the premium feel that everyone expects from a Nokia smartphone. It also features a 3D nano-textured rear cover that provides a secure grip to your hands while holding the device.

More Power, better performance and uncompromised security

The signature two-day[2] battery life and AI-assisted Adaptive Battery technology enables smarter app usage and optimizes power consumption basis your usage pattern. The new Qualcomm® Snapdragon™ 460 Mobile Platform brings with it a 70% performance upgrade compared to the previous generation.[3]

Being part of the Android One programme, the Nokia 3.4 delivers a pure software experience with a streamlined interface and no bloatware. You can enjoy what Android 10 has to offer and rely on three years of monthly security updates and two years of software upgrades, which means you’ll get more out of your phone, for longer. It is ready for Android 11 and beyond.

Superior Camera for high quality photos

Get the perfect shot with Nokia 3.4’s triple camera AI imaging. Snap like a pro with Portrait mode’s artistic background blur effects and with Night mode’s powerful image fusion and exposure stacking to capture every detail. Plus, you’ll get everything in the shot with the 5MP ultra-wide camera.

Plus, the Nokia 3.4 can help you and your family set healthy habits. With the Family Link app, this smartphone will help you guide your kids as they learn, play and explore, by letting you set limits for content, screen time and allowing you to view app activity to keep them safe and balanced.

Airtel Appoints Neeraj Jha As Head Of Corporate Communications And Corporate Affairs

Bharti Airtel (“Airtel”), India’s premier communications solutions provider, has appointed Neeraj Jha as Head of Corporate Communications and Corporate Affairs. 

Neeraj Jha will report to Gopal Vittal – MD & CEO (India & South Asia), Bharti Airtel Ltd. and will be responsible for leading Airtel’s brand advocacy, reputation and communication efforts. In addition, he will provide oversight and support to the other Bharti Group entities.   

Neeraj Jha brings with him over 24 years of experience across journalism and industry. Prior to joining Airtel, he was Head of Corporate Communications and Company Spokesperson at HDFC Bank. During his 14 years tenure at the Bank, he leveraged elements like the business and digital capabilities of the Bank, its management depth and human face to build a strong image and leadership position for the Bank. 

“We are pleased to have Neeraj on board to spearhead Airtel’s corporate reputation mandate. I am confident his rich experience will add immense value to Airtel.” said Gopal Vittal.  

On his appointment, Neeraj Jha had this to say, “I firmly believe I’ve joined a culture, an ethos that’s committed to the cause of connecting the nation, its people, households and businesses. From healthcare to education to entertainment, it brings this and much more today to the lives of millions of people making them better, easier and more productive. Airtel is an iconic brand that generations in the New India have grown up looking up to. I'm humbled and honoured to be part of it.” 

Neeraj can be reached at neeraj.jha@airtel.com. 

About Bharti Airtel 

Headquartered in India, Airtel is a global telecommunications company with operations in 18 countries across South Asia and Africa. The company ranks amongst the top three mobile operators globally and its mobile network covers a population of over two billion people. Airtel is India’s largest integrated telecom provider and the second largest mobile operator in Africa. At the end of December 2020, Airtel had approx. 458 million customers across its operations. Airtel’s portfolio includes high speed 4G/4.5G mobile broadband, Airtel Xstream Fiber that promises speeds up to 1Gbps, converged digital TV solutions through the Airtel Xstream 4K Hybrid Box, digital payments through Airtel Payments Bank as well as an integrated suite of services across connectivity, collaboration, cloud and security that serves over one million businesses. Airtel’s OTT services include Airtel Thanks app for self-care, Airtel Xstream app for video, Wynk Music for entertainment and Airtel BlueJeans for video conferencing. In addition, Airtel has forged strategic partnerships with hundreds of companies across the world to enable the Airtel platform to deliver an array of consumer and enterprise services.  

Chicago Pneumatic India Launches Permanent Magnet Motor Compressors From 10-100 HP Range, Titled As CPMV & CPVS PM

* New products are CPMV & CPVS PM range screw compressors with Permanent magnet motor compressors

Chicago Pneumatic a part of Atlas Copco group in India, today launched two new product variations in their Permanent Magnet motor compressors– CPMV and CPVS range. Equipped with a proven energy saving technology of permanent magnet motors, the products offer an increased reliability, maintenance free operation and energy savings upto 45%.

The key industry segments such as General Engineering, Manufacturing, Grain sorter, Pharmaceutical, Steel & where pneumatic and screw compressor applications come into play will benefit from these compressed air solutions. The new products with highly engineered innovation are intended towards enhancing customers’ productivity, reducing energy consumption, and offering higher uptime and reliability. The products are available across the country to fulfil the demand of customers even in shorter duration through the distributors.

Andy Prabhakar, General Manager - Brand Portfolio at Atlas Copco, said, “At Chicago Pneumatic, we are proud to be able to cater to the customer with solutions created only with durable parts, ensuring efficiency of products & services, backed by timely maintenance offerings. The new range of CPMV series screw air compressors for extensive usage in various industries, is a result of Chicago Pneumatic continued commitment to offer products to the customers that are simple enough to be user-friendly, reliable, and efficient. Our commitment has always been to ensure that the products and parts are easily available and serviceable, no matter in which part of the country your business is.” 

As a part of their existing portfolio, the company also offers a Prominent range of screw compressors, oil free air compressors, CNG compressors, air treatment solutions, piping solutions and everything required for a complete compressed air system, refrigerant dryers, line filters, air receivers and piping solutions.

Chicago Pneumatic: The Chicago Pneumatic company was founded in 1901 when innovator John W. Duntley patented the first single-valve pneumatic hammer. In the same year, steel magnate Charles M. Schwab invested heavily in the company, giving it a flying start and opportunities for further expansion. Since then, we have enjoyed many decades of collaboration with customers and business partners, based on technology and trust.

To mark our proud legacy and shape our inspiring future, an updated visual identity is being launched along-side of many celebratory activities planned during the year.

Atlas Copco (India) Ltd.: Started operations in 1960, and has over 15 offices across India, the registered office being at Pune. Atlas Copco (India) Ltd. had over 2 000 employees and revenues of INR 3000 CR as on 31st March 2020.

Deendayal Port Trust To Sign MoUs Of Rs. 3,823.70 Crores At Maritime India Summit 2021

Deendayal Port Trust (DPT), one of the major port trusts in India will sign 15 MoUs of Rs. 3,823.70 crores at “Maritime India Summit 2021”scheduled to happen on 2nd to 4th March 2021.

These MoUs will be majorly signed between DPT and IOCL, EMAMI, and AEGIS Power Supply. MoU will also be signed with Timber Association to develop furniture park and Coast Guard Jetty. Apart from these DPT will also sign MoUs for the greenery of the port area and construction as well.

The Ministry of Ports, Shipping, and Waterways is also in process of finalizing more than 44 MoUs to be signed in conjunction with the summit. These MoUs will be signed with different coastal states and stakeholders of the sector. The MoPSW is looking forward to closing over 400 MoUs during the Maritime India Summit 2021.

These MoUs are focused on attracting investment, skilling, and generating employment in the sector. The signing of these MoUs will help in streamlining the process of ship maneuvering resulting in more business to the ports and economic stability to the sector and its stakeholders.

The MIS 2021 will provide a unique platform that will have a physical and virtual presence of prominent shipping and transport ministers/ dignitaries from across the world. Maritime States of India will participate in the Summit through dedicated sessions. The Summit will also include an exclusive CEOs’ forum and various thematic/ breakout sessions. 

Great Lakes Institute Of Management Hosts Narayana Murthy As Part Of Its ‘Distinguished Thought Leadership Series’

* The Padma Vibhushan awardee sheds light on key topics like entrepreneurship, state of Indian I.T sector, role of luck among others~ 

Padma Vibhushan Mr. Narayana Murthy, Founder, Infosys graced Great Lakes Institute of Management, Chennai in a virtual fire-chat session organized by the institute. Mr. Murthy addressed a strong audience of 750+ participants and shared his insights based on the experience and observations over the years. 

During the session, Mr. Narayana Murthy touched upon some key topics. He started off with his definition of an entrepreneur and explained that entrepreneurs come with bright and powerful ideas.  His latest venture is all about unleashing the power of young Indian minds. He highlighted few qualities than an individual should possess to become an entrepreneur. Some of these qualities include competency, leadership, learnability and a sound value system. He further elaborated and said that an entrepreneur should transform the power of ideas into job and wealth creation. He then touched upon the topic of whether the Indian I.T companies have moved up in the value chain system? He said that, Indian companies have been doing work that is of high value for their customers and are now focusing on higher per capita productivity. But the sector still remains as reactive problem solvers which needs to change and a more proactive approach is the need of the hour.  

He then spoke about the role of using luck to one’s advantage. Hard work plays a key role in shaping your career. He said, ‘’Chance favours the prepared mind’’. When you fail as an individual, it is important to introspect your failure, analyse, decide on the next step and then act accordingly. He then spoke about how entrepreneurs can handle multiple roles in their initial stages of entrepreneurship. He was quick to add that his philosophy of choosing a team is to pick bright youngsters, review constantly and give them an opportunity to grow. He also emphasized on developing checklists and have constant dialogue with the team which can help and improve upon what you are doing at that point of time. High learnability, discipline and hard work are keys to enhance productivity. Mr Murthy also said that, he personally prefers learnability over experience for skills.  

He next addressed the concern wherein I.T. sector pays higher remunerations than some other sectors and we are losing great talent in the sectors. He addressed the companies from different sectors and said, they need to sit down and ensure that the workplace provides a learning experience. Companies should visit campuses and sell jobs to students and provide better compensation. He added that, students nowadays prefer careers where there is learning involved. Also, curriculum in colleges need to keep pace with the industry demand and in-company training programs should be a key area of investment for the companies to groom talent. He then stressed upon the New Education Policy and rued the lack of constant research and innovation in Indian educational institutions. He mentioned that the New Education Policy (NEP) is certainly going to improve the quality of education. He called for a change in the mind-set of the society and said that the focus should be upon instilling curiosity, problem solving, open-mindedness, respect other’s opinions and not afraid of learning among the youngsters. He said that there is a need to embrace these traits in our cultures and then change will follow.  

Speaking during the event, Dr. Suresh Ramanathan, Dean, Great Lakes Institute of Management, said “We are honoured to have the magnanimous presence of Mr. Narayana Murthy. His wisdom, knowledge, experience and vision is unparalleled and today’s event was a chance for our students to pick on his thoughts and learn from the man himself. His idea of originality, problem-solving, creativity, importance of values and sense of balance can truly go a long way in shaping our society and empower the youth of tomorrow. I also want to thank our esteemed audience who were part of this momentous occasion and we will continue to invite leaders who can be a source of inspiration for our students and other generations.” 

PGI.S, The Premier Global PUBG PC Esports Festival Hosted By Krafton Kicks Off In South Korea

* The LAN/offline hybrid event offers a prize pot of $3.5 million USD and will be broadcasted in over 17 languages, including Hindi 

KRAFTON, Inc., responsible for entertainment properties such as PLAYERUNKNOWN’S BATTLEGROUNDS (PUBG), launched PUBG Global Invitational.S(PGI.S) - a global LAN/online hybrid tournament where the world’s top PUBG PC esports teams will compete for a share of a $3.5 million USD prize pot. 

The event runs till March 28th , with 32 rosters from eight different regions participating in weekly showdowns with prize money increasing as the competition progresses. The tournament is primarily held offline at Studio Paradise in Incheon, South Korea, however due to the current COVID-19 situation, some of the teams will compete online from their home regions. 

Based on Rank Decision matches which took place from February 5-7, the highest ranked 16 teams participated in Weekly Survival matches on February 8 to battle it out for a place in the Weekly Grand Finals. Once a team wins a Weekly Survival match, they progress to the Weekly Grand Finals immediately - with their place taken by the next highest ranked team from Rank Decision Matches. The four top ranked teams at the Weekly Finals will take home a share of the prize pot. This process continues over eight weeks, with a one-week break in the middle for an additional PUBG esports tournament.  

The share of prize money offered in each weekly event will grow as the tournament progresses, and the team that secures the most earnings by the end of the event will be crowned champions. A full run-down of the PGI.S format and rules can be found here.

PGI.S schedule: 

Week 1 Weekly Survival Matches: Monday 8 February, Tuesday 9 February and Wednesday 10 February, starting from 15:30 IST.  

After the opening week, weekly Survival Matches will take place on Tuesdays, Wednesdays and Thursdays from 15:30 IST. 

Weekly Finals Matches: To take place every Saturday and Sunday throughout the event from 15:30 IST. 

Survival Tournament: March 5-7, a specialty tournament within PGI.S.

All matches will be broadcasted globally on various platforms in over 17 languages. For our passionate PUBG fans in India, KRAFTON has partnered with NODWIN Gaming to offer Hindi broadcasts via local streamers - Gamingpro Ocean, NODWIN Gaming, PAiN FyXs, Sparky Gaming and Ansh TY.