Thursday, December 1, 2022
HomeInsightFunding Alert U Gro Capital Raises $5 mn From Microfinancing Fund AgmvK

[Funding alert] U Gro Capital Raises $5 mn From Microfinancing Fund AgmvK

The listed fintech lending platform U Gro Capital Ltd. stated that it had secured $5 million from the Liechtenstein-based EMF Microfinance Fund, AgmvK, using external commercial borrowings (ECB).

The listed fintech lending platform U Gro Capital Ltd. stated that it had secured $5 million from the Liechtenstein-based EMF Microfinance Fund, AgmvK, using external commercial borrowings (ECB).

According to a press statement from the company, U Gro Capital intends to use the money to provide financing to underrepresented business sectors.

Shachindra Nath founded U GRO Capital, a small business loan fintech platform that is listed on the BSE. The Company is focused on delivering specialised lending solutions to small businesses working in a chosen eight areas in order to meet their financial needs. The eight sectors shortlisted are Healthcare, Education, Chemicals, Food Processing / FMCG, Hospitality, Electrical Equipment and Components, Auto Components, Light Engineering.

Read also – [Funding alert] The XDC Network Raises $50 mn From LDA Capital

“Impact investors are critical funding partners to enable us bridge the enormous credit gap in India’s MSME sector. We will continue to leverage our technology and credit expertise to service MSMEs across the spectrum through our multi-channel distribution model,” said Nath, vice chairman and managing director, U GRO Capital.

75 branches of U Gro Capital currently exist in nine different Indian states. In the next four years, the company wants to interact with 2.5 lakh MSMEs.

About U Gro Capital

U GRO Capital’s mission is ‘Solve the Unsolved’ – Small Business Credit Need. U GRO Capital believes that the problem of small businesses can be solved by building deep expertise around core sectors of SMEs in India coupled with a data centric, technology-enabled approach.

Read also – [Funding alert] Mufin Green Finance Raises Rs 45 cr in Series A Funding

The Company strives to build a strong SME financing platform based on sectoral understanding supplemented by a fully integrated technology and analytics platform.

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