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 organizations and are excited to collaborate with FMO 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.”

Aleksandra Gazy, senior investment officer at FMO said, “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. We are confident that together we will positively impact the lives of MSME borrowers. The association will help strengthen our commitment towards greater financial inclusion in India.

Ugro Capital is a data tech lending platform that uses its strong distribution reach and data-tech methodology to solve the small business credit gap in India. Ugro Capital’s term loan programmes are ideal for MSMEs, regardless of their specific requirements.

The company’s standalone net profit stood at Rs 28.89 crore in Q2 FY24, steeply higher than Rs 5.27 crore posted in Q2 FY23. Total income jumped 63.3% YoY to Rs 253.63 crore.

Shares of Ugro Capital shed 0.56% to Rs 268.50 on the BSE.