Upaya partner Eco Kargha and Bangalore-based Kinara Capital have entered into a working capital debt agreement that will allow the company to meet the demands of a second straight year of a high double-digit sales growth. Terms of the deal were not disclosed.
“Having worked with Dr. Ravi Chandra and his team since 2012, we are pleased that Kinara Capital is able to provide additional financing to meet the company’s day-to-day business needs,” said Upaya’s Director, Business Development Sreejith Nedumpully. “This deal is one more endorsement of Eco Kargha's growth prospects and a validation of the business model’s ability to positively impact the lives of hand loom weavers,” said Nedumpully.
Eco Kargha was also recently identified by Unitus Seed Fund as one of the “75 Companies Transforming India’s Livelihoods,” chosen for the company’s “potential for scale and to impact large numbers of Bottom of the Pyramid (BoP) populations.”