IDBI Bank, U GRO Capital partner to offer co-lending agreement

IDBI Bank, U GRO Capital

U GRO Capital, an NSE & BSE listed, MSME lending fintech platform, has inked a co-lending agreement with IDBI Bank, on the occasion of the bank’s 58th Foundation Day.

The co-lending will be help providing formal credit to underserved MSMEs, at affordable rates.

This new offering will leverage U GRO Capital’s digital technology platform driven by a Data Tripod, which comprises of GST, Banking & Bureau.

Suresh Khatanhar, Deputy Managing Director, IDBI Bank, jointly with Shri Rajeev Kumar, Executive Director Agriculture, MSME & Retail Banking, IDBI Bank, stated, “Co–lending as a concept would change the lending landscape of credit dissemination for MSMEs in India, U GRO’s platform has the capability of not only originating loans through its own distribution engine but also give access to multiple other FinTechs and NBFCs who through this integration can get access to capital. IDBI Bank is committed to accelerate the credit to MSMEs in India and contribute towards the mission of Atmanirbhar Bharat by making credit available to MSMEs at an affordable cost.”

Also Read: U GRO Capital to expand and double its employee strength to 1000

Shachindra Nath, Executive Chairman and Managing Director, U GRO Capital said, “We are delighted to sign the MoU for a co-lending arrangement with IDBI Bank. We are witnessing an inflection point in MSME lending with the enhanced utility of the Data Tripod – i.e. GST, Banking and Bureau. Collaborations as this, will further catalyze the financial inclusion efforts for Indian MSMEs. This arrangement is a reaffirmation of the belief that the bank bestows in our vision of solving the unsolved credit needs of the MSMEs, using sectoral expertise and technology. This partnership would not only benefit U GRO but eventually benefit all the other FinTechs and NBFCs which are integrated with our GRO – Xstream platform. We look forward to nurturing this relationship towards supporting more MSMEs to enable their revival and growth.

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