U GRO Capital, a BSE and NSE listed, small business lending fintech platform has secured $30 Million funding through Non-Convertible Debentures From Asian Development Bank (ADB). Asian Development Bank’s funding in Ugro Capital will help tackle climate change and catastrophe resilience, as well as poverty and inequality. It will also hasten the advancement of gender equality.
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Founded in 1966, ADB’s vision is to achieve a prosperous, inclusive, resilient, and sustainable Asia and Pacific, while sustaining its efforts to eradicate extreme poverty.
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Shachindra Nath, Founder and Managing Director of U GRO Capital, expressed his views on the collaboration, stating, “This transaction is a proof of U GRO Capital’s ability to forge partnerships with and attract funding from reputed global DFIs. We share a common vision of financial inclusion with impact funding organizations and are excited to collaborate with ADB to meet the diverse financial needs of India’s underserved MSMEs. Impact investors are critical funding partners in enabling us to bridge India’s massive credit gap in the MSME sector, and we will continue to leverage our technology and credit expertise to service MSMEs across the spectrum via our multi-channel distribution model.”
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Suzanne Gaboury, ADB Director General for Private Sector Operations, emphasized the significance of the partnership, saying, “We are pleased to partner with U GRO Capital in their mission to empower MSMEs in India. MSME Finance is a key driver for financial inclusion, and U GRO Capital’s mission to solve the small business credit need is in line with our vision of promoting inclusive and sustainable prosperity in Asia and the Pacific. We are confident that together we will positively impact the lives of MSME borrowers. This collaboration is consistent with our commitment towards greater financial inclusion in India.”
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About U GRO Capital
Founded in 1993, U GRO Capital limited is a BSE and NSE listed, small business lending fintech platform. The Company is focused on addressing capital needs of small businesses operating in select eight sectors by providing customized loan solutions.
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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.
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