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U GRO Capital to co-originate SME loans with Bank of Baroda through its technology platform 'GRO - Xstream'

Posted On: 2019-10-07 21:10:21

U GRO Capital, a BSE listed, technology enabled small busmess lending platform, has entered into its first loan co-origination partnership with Bank of Baroda. The agreement was signed in the presence of Shri V. S. Khichi, Executive Director of Bank of Baroda and Mr. Shachindra Nath, Executive Chairman of U GRO Capital, in Mumbai on 5th October 2019.

The partnership aims to offer customised lending solutions at a competitive rate of interest with a significant reduction in turn-around time to SMEs by deploying U GRO Capital's indigenously developed co-lending technology platform 'GRO- Xstream'. This platform offers Big Banks & other large financial institutions to choose customers as per their own selection criterion while utilizing U GRO's proprietary underwriting engine. 'GRO - Xstream' platform also enables smaller NBFC's for Co-lending partnership with U GRO while facilitating Securitization & Direct Assignment opportunities for assets originated by them and filtered and assessed by U GRO Capital's analytical proprietary tool.

U GRO Capital is a new-age NBFC whose mission is to solve the ever-growing credit gap in the SME sector based on knowledge and technology. The Company has developed proprietary tools which comprise of customized SME Sector specific statistical scorecards, underwriting insights based on deep sub-sector level research put together in a highly integrated technology platform. This helps in getting an inprinciple decision for the loan application within 60 Mins. The Company has already disbursed more than INR 600 crores across 6000+ small businesses in a short span of 10 months.

Speaking on this partnership, Mr. Shachindra Nath, Executive Chairman of U GRO Capital said, "We are delighted to sign our first co-origination agreement with Bank of Baroda and value the trust they have reposed in our platform. This partnership is a validation of our knowledge-driven approach (sectoral focus) backed with technology along with the highest levels of corporate governance. We look forward to a long-term mutually beneficial relationship with Bank of Baroda, to serve MSMEs in our chosen sectors and help them grow more."

Co-origination partnerships with larger banks/NBFCs is a key component in the Company's three-pronged liability strategy combined with balance sheet lending, and an off-balance sheet model including assignments/securitization to create a truly hybrid lending model.

Shri V. S. Khichi, Executive Director of Bank of Baroda said, "We are committed to working jointly with various partners to support MSMEs and we have entered into these MOUs with a view to enhance our footprint in delivery of products and services in the MSME eco-system. The partnership with U GRO Capital is in this direction and we believe the MSME sector will be a significant beneficiary from this co-origination tie-up."

U GRO Capital, founded by financial services veteran Mr. Shachindra Nath, in December 2017, had earlier raised approximately USS 140 Mn from a diversified set of global private equity investors such as Neruest, ADV Partners, PAG and Samena Capital and public market investors such as Abakkus, PNB Metlife and multiple Indian family offices.

Shares of Ugro Capital Ltd was last trading in BSE at Rs.187.75 as compared to the previous close of Rs. 180. The total number of shares traded during the day was 3285 in over 36 trades.

The stock hit an intraday high of Rs. 187.9 and intraday low of 184. The net turnover during the day was Rs. 609698.

Source: Equity Bulls

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