Get All Access for $5/mo

UGRO Capital Raises $30 Million from Asian Development Bank Via NCDs Listed on NSE and BSE, UGRO had assets under management worth INR 83,638 million as of December 2023. Over the last five years, it has raised a total of INR 91,378 million in Equity and Debt from diverse institutional sources

By Paromita Gupta

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Freepik

UGRO Capital, a DataTech NBFC focused on MSME lending, announced raised INR 2,500 million through Non-Convertible Debentures (NCDs) from the Asian Development Bank (ADB).

"This transaction is a proof of UGRO 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," shared Shachindra Nath, Founder and Managing Director, UGRO Capital.

Founded in 1993, the financial services provider aims to address the capital needs of small businesses operating in select eight sectors-Healthcare, Education, Chemicals, Food Processing / FMCG, Hospitality, Electrical Equipment and Components, Auto Components, Light Engineering by providing customized loan solutions.

"We are pleased to partner with UGRO Capital in their mission to empower MSMEs in India. MSME Finance is a key driver for financial inclusion, and UGRO 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," noted Suzanne Gaboury, ADB Director General for Private Sector Operations.

Listed on NSE and BSE, UGRO had assets under management worth INR 83,638 million as of December 2023. Over the last five years, it has raised a total of INR 91,378 million in Equity and Debt from diverse institutional sources.

In December 2023, it received financing of INR 2,500 million through Non-Convertible Debentures (NCDs) from FMO, the Dutch entrepreneurial development bank.

Paromita Gupta

Entrepreneur Staff

Features Writer with Entrepreneur India

Covering news and trends in AI and Metaverse segments. An avid book reader running her personal blog on the side. You may reach me at paromita@entrepreneurindia.com. 
News and Trends

"45% of All Ongoing Hydropower Projects in India are Ours": Patel Engineering

Patel Engineering reported a turnover of INR 4,400 crore in the last fiscal year, with a projected 10 per cent growth for the current year.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Leadership

Should I Stay or Should I Go? 8 Key Points to Navigate the Founder's Dilemma

Here are eight key signs that help founders determine whether to persevere or let go.

Science & Technology

5 Rule-Bending AI Hacks to Make Your Mornings More Productive and Profitable

By 2025, AI will transform productivity by streamlining workflows and cutting costs. Major companies like Microsoft, Google, and OpenAI are leading the way, advancing AI into "Phase 3," where tools act as digital assistants. Discover 5 AI hacks to boost efficiency and redefine your daily routine.

Science & Technology

5 Automation Strategies Every Small Business Should Follow

It's time we make IT automation work for us: streamline processes, boost efficiency and drive growth with the right tools and strategy.