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 Entrepreneur Staff •
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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.
