Kinara Capital has had a front-row view of the trends driving India’s $3.5tn economy over the past decade. Founded in 2011, as one of a new generation of small business lenders, its customers have ridden shocks ranging from a tax overhaul in 2017 to Covid-19. “During the pandemic, things were a little dicey,” says chief executive Hardika Shah.

But, after a difficult few years, Shah senses a bullish mood: “Everybody is ready to get back to business. Everybody is thinking, ‘How do I expand?’”

Kinara is one of 73 Indian businesses on the FT/Statista ranking of high-growth Asia-Pacific companies in 2023. And its customers are borrowing more than ever. Small-scale manufacturers are investing in areas such as machinery, Shah says, as they try to meet demand for auto parts and other products. Meanwhile, traders are switching en masse from the cash-based economy to a digital one, using tools such as India’s Unified Payments Interface network.