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<keyword id="2573068" type="General" weightage="100" keywordseo="kinara-capital" source="Orion">Kinara Capital</keyword>, which offers unsecured business loans for MSMEs, on Friday said it has raised Rs 200 crore led by British International Investment (BII), the UK's development finance institution and impact investor. Existing equity investors <keyword id="4657434" type="General" weightage="50" keywordseo="nuveen" source="Orion">Nuveen</keyword> and the ASN Microkredietfonds advised by Triple Jump also participated in the funding round. With this funding, <keyword id="1280640" type="General" weightage="80" keywordseo="kinara" source="Orion">Kinara</keyword> Capital aims to grow 5 times by 2025 and reach an asset under management (AUM) of Rs 6,000 crore. "The combined expertise and capital infusion from BII, Nuveen and Triple Jump, will expand Kinara Capital's offerings to meet the rising demand of the MSME sector in India. With this support, we, at Kinara Capital, are further motivated to deliver on our mission of financial inclusion," said Hardika Shah, Founder and CEO of Kinara Capital. More than 300 MSME sub-sectors across manufacturing, trading and services sectors can digitally avail 'myKinara' collateral-free business loans in the range of Rs 1-30 lakh. Kinara Capital plans to reach over 2,00,000 MSMEs across more than 100 cities in the next three years. The social impact of this growth is expected to support over 1 million jobs in local economies and generate over Rs 3,000 crore in incremental income for small business entrepreneurs, said the company. "Women-led fintech company Kinara champions female empowerment and provides easier access to capital for small entrepreneurs across India. The British Government is proud to support the company through BII's investment," said Alex Ellis, British High Commissioner to India. Kinara Capital's other main equity investors include Gaja Capital, GAWA Capital, Michael &amp; <keyword id="867407" type="General" weightage="50" keywordseo="susan-dell-foundation" source="Orion">Susan Dell Foundation</keyword> (MSDF), and Patamar Capital. "We are happy to participate in this round of investment for Kinara Capital which we consider to be at the forefront of driving financial inclusion with its digital processes combined with a personalised approach," said <keyword id="15370820" type="General" weightage="50" keywordseo="rekha-unnithan" source="Orion">Rekha Unnithan</keyword>, Managing Director and Co-Head of Private Impact Investing, Nuveen. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ttk-healthcare-logs-rs-7-91-cr-net-shares-flares-up/articleshow/95142324.cms">TTK Healthcare logs Rs 7.91 cr net, shares flares up</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/global-health-that-operates-medanta-hospitals-to-open-its-2205-cr-on-november-3/articleshow/95142371.cms">Global Health that operates Medanta Hospitals to open its ₹2,205 cr on November 3</a>

Women-led Kinara Capital raises Rs 200 cr to empower MSMEs in India

Launched in 2009, India’s first school <keyword id="6356028" type="COMPANY" weightage="100" keywordseo="Sports">sports</keyword> and PE Company <keyword id="189534" type="COMPANY" weightage="100" keywordseo="EduSports">EduSports</keyword> is going strong. The company recently raised R.s 65 Crores from <keyword id="234522" type="COMPANY" weightage="100" keywordseo="Gaja-Capital">Gaja Capital</keyword>. This startup looks to bring about a change in the way sports or <a href="http://www.businessinsider.in/searchresult.cms?query=physical+education">physical education</a> is perceived – that it is not meant only for competitive children playing for trophies but to be inclusive, and improve the child’s general fitness levels. 
 
BI India chats up with <a href="http://www.businessinsider.in/searchresult.cms?query=IIM+Bangalore">IIM Bangalore</a> alumnus and co-founder-CEO of EduSports Saumil Majmudar to find out more about the company and the fitness levels of today’s young minds. 
 
Why should a school outsource their Physical education curriculum? 
The question for any business is what their core is and what isn’t. In schools, <a href="http://www.businessinsider.in/searchresult.cms?query=sports">sports</a> is not seen as the core. For many years they got away with not doing much. Now parents are demanding a lot more form the school’s <a href="http://www.businessinsider.in/searchresult.cms?query=sports">sports</a> programme as fees go up. They are now perceived as customers and not grateful recipients of the school’s service. 
 
Also, parents no matter how privileged they might be do not have access to quality on-going regular physical activity for their children. Urban planning has also let down the Indian kid. As a parent you really don’t have the options except the schools. We designed a program that embraces the constraints of limited time and space in the schooling system and still deliver a positive experience. 
 
What are the things you can take care of for a school? 
We can handle the <a href="http://www.businessinsider.in/searchresult.cms?query=physical+education">physical education</a> program from Nursery to the 10th standard. That includes the curriculum, assessment, inter-class tournaments, leagues, parent sessions, participating in tournaments and school team building. 
 
How much do you charge for these services? 
Roughly it comes to Rs. 150-200 per student per month. Of course, there are over 500 children, so it’s a broad ballpark. 
 
The typical business mentality has been you outsource for cost-cutting. Do you face that question? 
In the contrary we’ve often found that schools have invested 3 to 4 times in <a href="http://www.businessinsider.in/searchresult.cms?query=physical+education">physical education</a> after employing us. Ours is not a cost saving proposition. It’s a value proposition. 
 
As newer schools crop up, where are the current physical education teachers falling short? 
To be fair to them, trustees have been telling coaches to just make the school team win. That way you’ll take the 20 talented ones and focus on them. There has been a structural lack of focus on being an inclusive program. Sports in schools have always been a performance-oriented program. That’s like saying the Maths program is only for people who can get into an <a href="http://www.businessinsider.in/searchresult.cms?query=IIT">IIT</a>! *laughs* 
 
Also, the tools required to run an inclusive age appropriate program is not what is being taught in BE colleges today. The colleges teach coaches how to organize teams and campaigns. 
 
Do you see the mentality of schools and parents changing? 
Most parents in their 30s and 40s have realized that marks account for only a part of your overall success. A larger part is based on your ability to work as a team, goal-setting and so on. 
 
The more fundamental issue is the <a href="http://www.businessinsider.in/searchresult.cms?query=physical+fitness">physical fitness</a> of a child. In most cases, the school sports program is the only assured sporting activity a child might have. Not everyone learns Chemistry to become a Chemist, right? *laughs* A well rounded education should cover several touch points, and sports is also a part of that. 
 
You’ve worked with over 400 schools across 100+cities in India. Is space a constraint in the newer schools? 
Some of the higher end schools have space. Most of the lower end ones have lesser space. Schools worldwide are facing the problem. Sports is often reserved to the common areas, and those are being taken away. 
 
Since we can’t approach schools or <a href="http://www.businessinsider.in/searchresult.cms?query=urban+planners">urban planners</a> to offer more space, we can only get more children to play. The question we ask is whatever we can provide meaningful activity to children in the limited space we have access to. 
 
What are the health risks children face due to lack of exercise? 
Broadly we’ve seen lack of flexibility and strength in one of two kids. 30% plus don’t have the right BMI. Almost a similar percentage is obese. The problem is apparent. It’s time we shift the conversation to the solution. 
 
What is the possible market size for a service like this? 
We’re currently working with around 400 schools. There are around 25,000 schools in this price bracket, and the segment is growing at 5-7% p.a. Roughly thousand odd schools are being added every year. An average investment of Rs. 10-12 lakhs per year from each school means that it’s a hundred crores market every year and cumulating. 
 
The government has a million schools. If 10,000 government schools outsource at 10 lakhs a year, its a thousand Crores market. 
 
Image credit: Indiatimes

A startup to help India’s
young minds

Mumbai, May 28 () Small finance lender Suryoday Small Finance Bank (SSFB) on Thursday said it has raised Rs 62.14 crore in equity capital from five of its existing investors including Gaja Capital and Kotak Mahindra Life Insurance. Other investors include Lok Capital, TIAA and Kiran Vyapar. The fund was raised through a private placement offer, a release said. "Our investors have placed immense faith in the organisation's strategy and our capability to steer through this difficult time. "This growth capital comes in just as we started re-engineering our business processes and digitising them including for our microfinance vertical, so this is a strong backing to pursue our plans," the bank's managing director and CEO R Baskar Babu said. The bank has over 20 institutional investors with a mix of institutional investors, development funds, and private equity investors. As on March 31, 2020, net worth of the bank stood at around Rs 1,000 crore with a capital adequacy ratio of 30 per cent. It has a deposit base of more than Rs 2,800 crore and a gross loan portfolio of around over Rs 3,700 crore. HV DRR DRR

Suryoday Small Finance Bank raises Rs 62 cr

<ul><li><keyword id="78512" type="ORGANIZATION" weightage="20" keywordseo="IIM-Calcutta">IIM Calcutta</keyword> records its highest ever average starting salary at ₹28 lakh this placement season. </li><li>As many as 136 companies visited the campus this year, extending 492 offers. </li><li>Of the total of 439 students, nearly 43 graduates secured job offers with an annual compensation of ₹54.5 lakh. </li><li>One in four offers that were rolled out this year received the starting salaries at ₹41.8 lakh per annum. </li></ul>The placement season brought cheer to the students of top management institute — Indian Institute of Management (IIM) Calcutta. The institute has recorded its highest ever average starting salary at ₹28 lakh this placement season. Of the total of 439 students, nearly 43 graduates secured job offers with an annual compensation of ₹54.5 lakh. In fact, one in four offers that were rolled out this year received the starting salaries at ₹41.8 lakh per annum. As many as 136 companies visited the campus this year, extending 492 offers. “I congratulate our graduating students on receiving such coveted employment offers. These demonstrate the high value of the education imparted at IIM Calcutta and our students' remarkable skills and capabilities,” said Professor Anju Seth, director at IIM Calcutta. <a href="https://www.businessinsider.in/careers/news/indias-best-minds-from-iim-ahmedabad-xlri-mdi-gurgaon-are-heading-to-consulting-firms/articleshow/74055916.cms">IIM-C joins IIM-A, XLRI and MDI securing maximum offers from the consulting sector</a> Consulting firms emerged as the largest recruiters at IIM Calcutta, making up for over 30% of the offers. The top recruiters include Boston Consulting Group (BCG), McKinsey &amp; Co, which also rolled out as many as 50 offers at IIM Ahmedabad. “Introduction of Superset has made our processes even more transparent and efficient. We remain committed to providing better outcomes for our students and recruiters through policy and process changes,” added Abhishek Goel, chairperson CDPO at IIM Calcutta. Other top recruiters were Bain &amp; Co., Kearney, PricewaterhouseCoopers (PwC) and Accenture. This has become a common trend across B-schools. XLRI also attracted the highest number of offers from the consulting domain at 26%, this year. Global multinationals KPMG and PwC were the top most recruiters, rolling out the highest number of offers. This simply mirrored last year’s trend wherein Boston Consulting Group was the leading recruiter. On the other hand, more than half (57%) of the offers at MDI came from companies in the consulting sector. Finance, General Management, Sales and Marketing IIM Calcutta students received 83 job offers from PE firms and other finance companies — accounting for 17% of the total offers. General management and sales and marketing roles added up to 30% of the total offers. These offers came from Aditya Birla Group, Mahindra &amp; Mahindra, Reliance, Vedanta, TrueNorth, Hindustan Unilever, Colgate-Palmolive, ITC, Mondelez, and FIITJEE. Recruiters hiring for finance roles were Bank of America Merrill Lynch, Barclays, Goldman Sachs, Arga Investment Management, Gaja Capital and JP Morgan Chase. In addition to this, 22% of overall offers were rolled out in product management, analytics and operations. Top recruiters included Microsoft, Google, Salesforce, Amazon, Flipkart, Udaan, EXL Service, American Express, HCL, UnitedHealth Group (Optum) and Mastercard. See also: <a href="https://www.businessinsider.in/careers/news/indias-best-minds-from-iim-ahmedabad-xlri-mdi-gurgaon-are-heading-to-consulting-firms/articleshow/74055916.cms">India’s best minds from IIM Ahmedabad, XLRI are heading to consulting firms</a> <a href="https://www.businessinsider.in/careers/news/xlri-students-bag-domestic-and-international-job-offers-with-salaries-over-50-lakhs/articleshow/73974506.cms">XLRI students bag domestic and international job offers with salaries over ₹50 lakh</a> <a href="https://www.businessinsider.in/careers/news/iim-lucknow-iim-kozhikode-mdi-gurgaon-secure-100-placements-offering-2-5-million-as-the-starting-pay/articleshow/73722200.cms">Indian B-schools are beating the slowdown with average salary offers at ₹2.5 million</a>

One in four job offers at IIM Calcutta pays over ₹41.8 lakh per annum

New Delhi, Dec 24 () Hours after being booked by the CBI over alleged loan fraud, Maruti Suzuki's flamboyant ex-chief Jagdish Khattar on Tuesday said that an exhaustive independent forensic audit at the behest of the bankers did not find any wrongdoings in the functioning of Carnation Auto, which he had created post retirement. 
 Khattar, who has been booked by the Central Bureau of Investigation (CBI) for an alleged bank loan fraud of Rs 110 crore, said no lapses in operations or financial management were found in the company by the investigating audit authorities and expressed hope that he will be vindicated once the probe is over.
 "Post its (Carnation Auto) failure as a business, an exhaustive and detailed independent forensic audit at the behest of the bankers under the resolution professional was conducted by a leading independent auditor and nothing was found amiss," Khattar said in a statement.
 Having found no lapses in operations or financial management, the bank (Punjab National Bank) has referred the matter to the CBI as part of the process followed by them, he added.
 Khattar was with Maruti Udyog Limited from 1993 to 2007 when he retired as Managing Director of the company.
 After retirement he had launched Carnation for which he got a loan of Rs 170 crore in 2009. The loan was declared non performing asset in 2015 with effect from 2012, the FIR said.
 The agency has registered an FIR under IPC sections related to criminal conspiracy and cheating on a complaint from Punjab National Bank.
 Khattar said he had invested his life savings in the company.
 "I understand the bank is following a process. I have always made myself available and will continue to fully cooperate with all the agencies. The claims being made were examined in great detail during the forensic audit and we provided satisfactory replies on each," he said.
 Khattar further said: "We were cleared in the forensic audit on each count. I have no doubt we will be vindicated again once the investigation is completed."
 Carnation Auto was a first mover to create an open multi-brand auto solutions platform for customers whose cars were outside warranty period and who felt pinched by high maintenance costs. 
 It unfortunately became a bonafide business failure on account of many reasons including cartelisation by auto majors by non-supply of genuine parts, Khattar said.
 Carnation was a board managed company with the highest ethical standards and best management practices, he added.
 "Some of the most reputed investors in the country including Premji Invest and Gaja Capital were board members who, in their own interest, kept a tight vigil on its operations and finances," Khattar said.
 Each financial decision was based on comprehensive business plans and approvals and the company was finally sold to Mahindra Group, he added.
 The CBI has alleged that Khattar and his company dishonestly and fraudulently sold the goods hypothecated to the bank without its permission and diverted the funds thereby causing criminal breach of trust and cheating that caused wrongful loss to the bank and gain to Khattar and his company.
 The bank had conducted a forensic audit which showed that fixed assets to the tune of Rs 66.92 crore were sold for a consideration amount of Rs 4.55 crore without its approval, they said.
 It is also alleged that sale proceeds were not deposited with the bank and Khattar had dishonestly and fraudulently extended loans and advances to its sister concern/subsidiaries also. 
 The bank officials allegedly did not do mandatory monthly verification of stock 
and cross check the debtors/creditors, the FIR said adding role of bank officials will be under scanner.
 The bank had mentioned five accused persons in its complaint including three guarantor companies-- Khattar Auto India Pvt Ltd, Carnation Realty Pvt Ltd and Carnation Insurance Broking Company Pvt Ltd but their direct role did not surface during the verification exercise. MSS ANZ MKJ

You Searched For "Gaja Capital" and got 5 results

Women-led Kinara Capital raises Rs 200 cr to empower MSMEs in India

IANS

A startup to help India’s young minds

Saikat Pyne

Suryoday Small Finance Bank raises Rs 62 cr

PTI

One in four job offers at IIM Calcutta pays over ₹41.8 lakh per annum

Prerna Sindwani

Loan fraud case: No wrongdoings found in functioning of Carnation Auto by bankers, says ex-Maruti chief Khattar

PTI

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