Ugro Capital, an MSME lender, raises Rs 250 crore in debt from ADB to fuel on-lending. The funding follows a similar debt raise from FMO in December 2023.
Mumbai, Jan 31 (PTI) MSME-focused non-banking lender Ugro Capital on Wednesday said it has raised Rs 250 crore in debt from the Asian Development Bank (ADB).
The funding from the developmental lender through subscribing to its non-convertible debentures will be used for on-lending.
The company had raised a similar amount of debt in December 2023 through a similar debt sale from the Dutch entrepreneurial development bank FMO.
Ugro has an asset under management of Rs 8,363.8 crore as of December 2023.
Over the last five years, it has raised a total of Rs 9,137.8 crore in equity and debt from diverse institutional sources, Ugro founder and managing director Shachindra Nath said.
Suzanne Gaboury, director-general for private sector operations at ADB, said MSME finance is a key driver for financial inclusion, and Ugro's efforts at solving the credit need of small businesses are in line with the bank's vision of promoting inclusive and sustainable prosperity in Asia and the Pacific.
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