U GRO Capital has launched of ‘GRO Micro’, a dedicated distribution channel to aid lending services specifically for the unorganized Micro Businesses based in non-metro markets.
The Company has also expanded its distribution network by adding 25 branches across 5 states – Karnataka, Tamil Nadu, Gujarat, Telangana, and Rajasthan.
Commenting on the expansion, Mr. Shachindra Nath, Executive Chairman and Managing Director of U GRO Capital stated, “U GRO Capital is built on the philosophy of ‘solving the unsolved credit gap’ of small businesses. With the launch of ‘GRO Micro’ and expanding our physical network we have taken a significant step in our bid to reach out to the unserved and underserved small businesses. Under this initiative, we aim to reach out to over 5 lakh small businesses across 5 states – Karnataka, Tamil Nadu, Gujarat, Telangana and Rajasthan to begin with. We intend to carry our experience from these locations and expand our network by a further 75 branches by the end of FY ’22. We are confident that this initiative will support the Government’s ‘Atmanirbhar Bharat’ program.”
With GRO Micro, U GRO Capital now has an extensive network of 34 branches and presence in 8 states across India.
GRO Micro caters to a wider spectrum of SME borrowers, with an ever-growing list of business entities. Examples of borrowers would include businesses such as Kirana stores, Pharmacies, Mess/ Restaurants, Hair salons, etc.
With this geographical expansion under the flagship of ‘GRO Micro’, the Company is aiming to offer small ticket loans – secured against property, as well as unsecured loans, to micro businesses.