UC Inclusive Credit (UCIC), which intends to grow its financing business, received $8 million in equity from Singapore-based Insitor Partners.
The UC Inclusive Credit company plans to increase its funding from current investors by an additional $1 million. In local currency, the entire infusion would be approximately Rs 73 crore.
“The tremendous growth of early-stage companies in India warrants increased debt flow in this space. We are raising this equity to leverage our balance sheet further by borrowing more from existing and new lenders,” UCIC co-founder and managing director Abhijit Ray said.
“UCIC is disrupting the early stage small ticket debt funding space for SMEs, where banks and most other financial institutions do not lend. Filling this gap is critical to the financial infrastructure of the economy,” said Nicholas Lazos, co-founder and chief investment officer at Insitor Partners.
About UC Inclusive Credit
UC Inclusive Credit Pvt Ltd. (UCIC), incubated by Unitus Capital, is an impact-focused Non-Banking Finance Company (NBFC) registered with the Reserve Bank of India. Based in Bangalore (India), which is considered a leading hub of social innovation and entrepreneurship, UCIC is focused on positively impacting the lives of millions of people by supporting companies with creative and timely debt capital.