Business Remedies | Rajshree Upadhyaya | Growing up in Mumbai in the 1980s, Hardika Shah witnessed the challenges of running a small business from a young age. Her mother owned a small grocery store that ran on limited working capital and informal lending. This experience left a deep impact on her and later formed the foundation of the idea of providing capital to small entrepreneurs.
After moving to the US for education and career, Hardika worked as a management consultant for global companies such as Accenture for two decades. She handled large projects in the US, Europe and Asia-Pacific. During her MBA from Columbia Business School and UC Berkeley Haas School of Business, she realized that combining her professional experience and personal background could start a profitable social mission. With this thought in mind, she returned to India in 2011 and founded Kinara Capital – a Fintech NBFC (Non-Banking Financial Company) with the aim of lending to small and medium enterprises that were unable to get finance from traditional banks due to lack of collateral.
Kinara Capital: A Catalyst of MSME Empowerment
Bengaluru-headquartered Kinara Capital initially started with a pilot project and today is active in 100+ cities including Andhra Pradesh, Gujarat, Karnataka, Maharashtra, Tamil Nadu, Telangana, and Puducherry.
Kinara’s USP is the combination of digital technology and grassroots reach. Its multilingual myKinara app uses AI/ML-based data models to check eligibility in just 1 minute and disburse loans within 24 hours-while the traditional process takes weeks.
From the beginning, Kinara has prioritized inclusivity. Its female-dominated leadership team and HerVikas program provide subsidized, collateral-free loans exclusively to women entrepreneurs. This initiative aligns with Hardika’s vision to promote economic growth with gender balance.
Growth, Influence, and Recognition
The expansion of Kinara Capital is a proof of its effective functioning-
8 Provided collateral free loans to 1,25,000+ business owners till date.
8 Supporting 4,26,000+ jobs across 100+ cities by disbursing 1,28,000+ loans worth over Rs. 7,400 crore.
8 Creation of 3,00,000+ jobs and additional income generation of \$100 million by providing Rs. 4,500+ crore finance to women entrepreneurs.
For this effect, Kinara and Hardika received several prestigious awards-
8 Asia’s Bank of the Year by IFC’s SME Finance Forum.
8 Ranked among Asia-Pacific’s Top 500 High-Growth Companies by the Financial Times for several consecutive years.
8 Economic Times Startup Awards 2024 – Women Ahead.
On a personal level, Hardika has received honours such as Forbes India’s Top 20 Most Powerful Women (2021), NITI Aayog’s Top 75 Women Transforming India, and Fintech Woman of the Year.
Hardika beyond work
Amid the busyness of entrepreneurship, Hardika also stays connected to art. Her hobby is making charcoal portraits, which gives her mental peace and a connection to people’s stories. Her “cozy quadrant” at home-with a skylight, view of mango trees, a comfortable sofa, and rescue dogs-is a place of creative energy and relaxation for her.
At the intersection of profit and purpose
Hardika Shah’s journey proves that business success and social impact can go hand-in- hand. Kinara Capital is not just a lending company, it’s a vehicle for hope, opportunity, and empowerment-especially for women and underprivileged entrepreneurs.
Inspired by her mother’s small shop, Hardika started the Fintech revolution in MSME financing, and today, she is emerging as the architect of equitable and inclusive economic transformation in India.
Written & Edited By:
Rajshree Upadhyaya
