Fintech Startup U GRO Secures $41.3 Mn

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U GRO Capital, a lendingtech platform for MSMEs in India, has secured INR 340 crore (approximately $41.3 million) from IFU and its long-term shareholders, including insurance companies and other financial institutions. The funding will be used to lend credit to the MSMEs segment and to improve the startup’s balance sheet. Founded in 2018, U GRO Capital is listed on NSE and BSE stock exchanges, and it competes with other lendingtech startups such as Lendingkart, InCred, LoanTap, CredAble, and Money View in India. According to a report by Inc42, India’s fintech market is expected to become a $1.3 trillion market opportunity by 2025, and lendingtech is predicted to account for $616 billion by then.

It seems that U GRO Capital has secured $41.3 million in funding from IFU and its long-term shareholders, which it will use to lend credit to the MSMEs segment and improve its balance sheet. The equity fund raise is subject to customary closing conditions, including regulatory and shareholder approvals. U GRO Capital is a lendingtech platform founded by Shachindra Nath in 2018 and is listed on the NSE and BSE stock exchanges. The fintech market in India is rapidly growing, and lendingtech is a major subsector within it. As per the report, the lendingtech subsector is expected to account for almost half of the total fintech market opportunity in India by 2025. U GRO Capital is among several other lendingtech startups in India that are vying for a share of this growing market.