KINARA CAPITAL Acquires ‘A’ Grade In Social And Environmental Rating (SER) From MFR Global Rating Agency

Bengaluru (Karnataka0 [India], May 4:  Kinara Capital, India’s fast-growing fintech driving last-mile MSME financial inclusion, today announced acquiring the coveted ‘A’ grade in Social and Environmental Rating (SER) from MFR, a global leader in providing independent assessments, data and technical expertise for sustainable finance organizations. Kinara Capital proudly joins an exclusive group of only 4 organizations in India to ever have achieved an SER rating of ‘A’ from MFR.

MFR rated Kinara Capital at Good or Excellent on 86% of the 22 parameters evaluated for the SER rating. MFR summarized emphatically that Kinara has both Client Centricity and Client Protection Practices at the heart of its business and exhibits a commendable level of adherence to Client Protection Principles. In the benchmarking for SER based on MFR’s methodology and database, Kinara Capital outperformed other financial service providers (FSPs) on ‘Mission, Governance and Strategy’, ‘Tracking and Monitoring System’, as well as for ‘Social and Financial Balance’ scores. 

Hardika Shah, Founder & CEO of Kinara Capital, said:

“We are delighted with our recent ‘A’ grade in Social & Environmental Rating (SER) by MFR, which serves as a testament to our steadfast commitment to empowering small business entrepreneurs while integrating climate-conscious practices into our operations. This prestigious recognition inspires us to continue setting new benchmarks for sustainable and inclusive finance in India.”

Founded with the mission of improving lives, livelihoods, and local economies, Kinara Capital has impacted over a million lives in India via job creation and income generation by easing access to credit for small business entrepreneurs. MSME entrepreneurs have experienced an average increase of 21% in their net incomes after availing collateral-free loans from Kinara Capital to grow their businesses.

In its analysis, Kinara was commended by MFR for its use of technology and automation for making the loan process fast and flexible for its customers, and for being technology-driven to transfigure its own operations to be completely digital. Its product strategy with a variety of loan products that meet client needs was recognized as well-aligned with the mission of offering prompt and flexible loans to MSMEs in India. Its non-financial value service (NFVS), the Grow With Kinara workshop series, was also acknowledged as delivering significant support to MSMEs.

Aldo Moauro, CEO & Board Member of MFR, extends heartfelt congratulations to Kinara Capital for achieving an ‘sA’ grade in Social & Environmental Rating (SER) conducted by MFR. 

He remarked, “The results of Kinara’s SER rating reflect the institution’s commitment and dedication to social impact, and environmental responsibility. It is the demonstration that integrating social and environmental objectives into the mission, and putting them into practice, drives positive change towards an inclusive and sustainable future. As MFR, we are grateful for the opportunity to accompany Kinara Capital on this journey of growth and success, and we are proud to recognize their efforts in advancing sustainable finance in India.”

MFR ratings are based on a multi-level assessment. The indicators used to assess institutions are aligned with the latest social performance standards as defined by global initiatives such as the Social Performance Task Force and the Cerise+SPTF Client Protection Certification. It is also in adherence with the Universal Standards of Social and Environmental Performance Management Standards (USSEPM). 

For the Social & Environmental Rating (SER), MFR conducted a thorough review of Kinara’s performance to date and assessed the organizational capacity to achieve its social and environmental goals in the future. Kinara Capital was evaluated across 4 key categories: (i) Social Performance Management, (ii) Social Responsibility and Environmental Management, (iii) Outreach of Services, and (iv) Quality of Services.

This marks Kinara Capital’s second assessment by MFR, showcasing their commitment to continual improvement. Transitioning from an ‘A-‘ rating in 2021 to an ‘A’ in 2024 serves as a strong foundation for its ongoing efforts to empower MSMEs and set the industry standard for sustainable financial inclusion in India.

About MFR 

MFR is a global rating agency with over 23 years of experience in assessments, data and technical expertise, highly valued by international investors and other stakeholders. Our mission is to generate independent opinions for the sustainable finance industry, based on verified information, in order to promote responsible investments. We firmly believe in a transparent and sustainable future, where capital is combined with a social and environmental purpose, facilitating financial inclusion and the sustainable development of the sector. Headquartered in Italy and with offices in France, the United Kingdom, Bolivia, Ecuador, Mexico, Kenya, and Kyrgyzstan, we have become a strategic partner on a global scale. MFR holds the largest geographical coverage (>70%) among specialized rating agencies and to date we have conducted 2,800+ assignments in 110+ countries worldwide. Visit our website for more information or follow us on LinkedIn.

About Kinara Capital

Kinara Capital is a fast-growing fintech company dedicated to the last-mile financial inclusion of small business entrepreneurs in India. Kinara Capital has disbursed over INR 6,700 crores across 100,000+ collateral-free business loans, thereby propelling vast MSME financial inclusion. Kinara’s visionary Founder & CEO Hardika Shah leads with a women-majority management team and has raised the bar for gender inclusivity with its HerVikas program for women entrepreneurs. The company is qualified as a Systemically Important Non-Deposit Non-Banking Financial Company (NBFC) by the Reserve Bank of India (RBI) and is a debt-listed entity on the Bombay Stock Exchange (BSE). Founded in 2011, and headquartered in Bengaluru, Kinara Capital has 133 branches serving MSMEs across 100+ cities in India with a workforce of 2,000+ employees. Visit for more information and follow us on LinkedIn. 

For further information please contact: 

Renu Praveen, PR Lead, Kinara Capital


Mobile no: 9742279654

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