U GRO Capital and Kinara Capital today announced a strategic co-origination partnership to offer collateral-free business loans to small business entrepreneurs in India.
Together, both companies plan to disburse Rs 100 crores by the end of FY2022 to MSMEs in Manufacturing, Trading and Services sectors.
The co-origination arrangement will leverage U GRO’s analytical data driven decisioning and integration through APIs with the smart technology platform of Kinara Capital.
Together, U GRO Capital and Kinara Capital aim to ease access to formal credit for hundreds of small business entrepreneurs who need financing for business growth.
Shachindra Nath, Executive Chairman and Managing Director, U GRO Capital said, “We are excited to enter into a partnership with Kinara Capital, towards our vision of solving the unsolved MSME credit gap. It is our belief that co-origination with FinTech is one of the most effective routes to achieve the financial inclusion of MSMEs, which has prompted us to design our technology platform ‘Gro X-stream’, allowing essential collaborations like this to fructify. We look forward to a long term relationship with Kinara Capital and work towards our common aim to support more MSMEs in their bid to grow.”
Hardika Shah, Founder and CEO, Kinara Capital said, “We are delighted to work with U GRO Capital as they resonate our focus on supporting India’s small business entrepreneurs. As a partner, U GRO has demonstrated equal parts commitment with its financing and technology to join us in easing credit flow to the MSME sector. This instantly impacts both local and national economies, and the job creation is essential as businesses continue to rebuild and grow this year.”