U GRO Capital, a lendtech platform catering to MSMEs, has raised Rs 250 crore (approximately $30 million) through Non-Convertible Debentures (NCDs) from FMO, the Dutch Development Bank.
The company has been aiming to lessen the credit gap in India’s Micro, Small and Medium Enterprises (MSME) sector.
The fully subscribed NCDs issuance follows U GRO Capital’s earlier funding of Rs 340 crore ($41.3 million) from the Denmark government’s Development Financial Institution (DFI) and long-term shareholders.
Speaking in this regard, Shachindra Nath, Founder and Managing Director, Ugro Capital, said, “This transaction is 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 organisations, and are excited to collaborate with FMO to meet the diverse financial needs of India’s underserved MSMEs.”